Ford CEO Jim Farley warns about the potential consequences of former President Trump's plans to dismantle EV subsidies and reimpose tariffs on Canadian and Mexican steel and aluminum.
During a Tuesday appearance in New York City, Ford CEO Jim Farley emphasized two significant threats facing U.S. automakers and their suppliers: former President Trump 's potential rollback of electric vehicle (EV) subsidies and the reimposition of tariffs on steel and aluminum from Canada and Mexico. Farley expressed concerns about the impact of these policies on the U.S.
automotive industry, particularly the potential for higher prices for consumers and a competitive disadvantage for American manufacturers.Farley specifically addressed Trump's vow to end government support for electric vehicles and his criticism of the Inflation Reduction Act, which includes significant EV subsidies. Farley argued that these subsidies have been crucial in driving the growth of the EV market in the U.S. and warned that their removal would stifle innovation and investment in the sector. He pointed to Ford's substantial investments in battery production and assembly plants across the country and stressed the importance of maintaining a supportive policy environment for the industry's transition to electric powertrains.He also voiced apprehension regarding the reintroduction of hefty tariffs on steel and aluminum imports from Canada and Mexico. These tariffs, he argued, would not only increase production costs for U.S. automakers but also give foreign competitors, particularly those from South Korea, Japan, and Europe, a significant advantage. Farley asserted that such a move would ultimately harm the U.S. automotive industry and jeopardize jobs in the sector. He emphasized the interconnected nature of the North American auto industry and the vital role of cross-border trade and collaboration.
ELECTRIC VEHICLES TARIFFS AUTOMOTIVE INDUSTRY FORD TRUMP INFLATION REDUCTION ACT
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