Ford CEO says 25% tariff on Canada, Mexico would 'blow a hole' in US auto industry

Ford CEO Jim Farley, on the eve of traveling to Washington to meet with members of Congress on President Donald Trump's proposed tariffs, did not mince words Tuesday during an investor conference.

While Trump has talked about strengthening the U.S. auto industry, which would be a signature accomplishment, "So far what we're seeing is a lot of cost and a lot of chaos," Farley said.

"Let's be real honest: Long term, a 25% tariff across the Mexico and Canada borders would blow a hole in the U.S. industry that we've never seen," Farley said. "Frankly, it gives free rein to South Korean, Japanese and European companies that are bringing 1.5 million to 2 million vehicles into the U.S. that wouldn't be subject to those Mexican and Canadian tariffs. It would be one of the biggest windfalls for those companies ever."

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