Ford CEO to warn Congress of ‘devastating’ tariff impact, Bloomberg reports

Ford (F) CEO Jim Farley will warn members of Congress on Wednesday that the 25% tariffs President Donald Trump has proposed on Canada and Mexico would “blow a hole” in the U.S. auto industry, Bloomberg’s Keith Naughton reports. Farley told a Wolfe Research automotive conference in New York on Tuesday that the impact of the levies would be “devastating” for U.S. automakers, and would provide a “windfall” to Asian and European rivals that wouldn’t face similar tariffs on cars they import from their home regions. “President Trump has talked a lot about making our US auto industry stronger,” Farley said, adding that it would be one of the “most signature accomplishments” if that materialized. “So far, what we’re seeing is a lot of cost, a lot of chaos.” Other publicly traded companies in the auto space include General Motors (GM), Honda (HMC), Mercedes-Benz (MBGYY), Nissan (NSANY), Stellantis (STLA), Tesla (TSLA), Toyota (TM) and Volkswagen (VWAGY).