Ford Motor Co., CHIEF EXECUTIVE OFFICER Jim Farley provides the thumbs up indication prior to revealing Ford Motor will certainly companion with Chinese- based, Amperex Technology, to construct an all-electric automobile battery plant in Marshall, Michigan, throughout an interview in Romulus, Michigan February 13, 2023.
Rebecca Cook|Reuters
DETROIT– Ford Motor CHIEF EXECUTIVE OFFICER Jim Farley on Wednesday stated if the Trump management is mosting likely to execute tolls impacting the vehicle market, it must take a “comprehensive” check out all nations.
Farley distinguished Toyota Motor and Hyundai Motor for importing numerous hundreds of cars each year from Japan and South Korea, specifically, that have little to no obligations compared to the 25% toll President Donald Trump has actually intimidated troubling Canada and Mexico.
“There are millions of vehicles coming into our country that are not being applied to these [incremental tariffs],” Farley stated throughout the business’s fourth-quarter profits phone call with capitalists. “So if we’re going to have a tariff policy … it better be comprehensive for our industry.
“We can not simply cherry choice one area or the various other since this is a gold mine for our import rivals.”
Farley’s comments follow Trump implementing a 10% additional tariff on goods from China, which include automobiles, and ongoing negotiations with Canada and Mexico regarding 25% levies on imports from those countries to the U.S.
For years, Ford has touted its investments in the U.S., as well as having the most American workers of any automaker, even as it is considered a disadvantage to its business.
GlobalData reports 46.6% of all vehicles sold in the U.S. last year were produced outside of the country. South Korea, at 8.6%, and Japan, at 8.2%, rank second and third in vehicle imports, only trailing Mexico, at 16.2%, GlobalData reports.
Cars imported from South Korea currently have no tariffs, while those imported from Japan are subject to 2.5% duties. Truck imports for the countries are 25%.
Aside from Hyundai and its sibling company Kia, General Motors annually imports hundreds of thousands of vehicles tariff-free from South Korea.
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