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Investing.com-- Ford Motor (NYSE:F) CEO Jim Farley warned that prolonged tariffs on Mexico and Canada could put "billions and billions of dollars of pressure" on the auto industry, leading to job losses and broader economic consequences, he said in an interview with Bloomberg News.
Speaking to Bloomberg, the executive said Ford is adapting to a four-week delay in the proposed tariffs, increasing component supplies, and adjusting production plans to minimize disruptions. However, he emphasized that the long-term impact of such tariffs could be severe.
"These kind of tariffs, especially in these two countries, are very significant. And if they persist beyond months, we could see billions and billions of dollars of pressure on the industry, lost jobs, lots of impacts to communities and our ecosystem and the industry," Farley told.
Ford, along with other major automakers, has urged U.S. officials to exempt vehicles and components that comply with the United States-Mexico-Canada Agreement (USMCA). The CEO warned that the proposed tariffs would give a competitive advantage to South Korean and Japanese automakers that are not subject to the same restrictions.
Beyond trade concerns, Farley noted that vehicle prices are declining globally as inventories stabilize and electric vehicle (EV) adoption increases.
Ford continues to engage with policymakers on trade, emissions regulations, and tax policies affecting the industry, he added.