Thu, 06 Feb 2025

Thu, 06 Feb 2025 Ford CEO calls for 'comprehensive' tariff analysis for all countries

Farley singled out imports from Japan and South Korea that have little to no duties compared to the 25% tariff threatened on Canada and Mexico.

* Ford Motor CEO Jim Farley says that if the US government imposes tariffs on vehicles from Canada and Mexico, it should also apply them to vehicles imported from Japan and South Korea.
* Farley notes that millions of vehicles are imported into the US each year with little to no duties, creating a competitive advantage for foreign automakers.
* Currently, vehicles from South Korea have no tariffs, while those from Japan are subject to 2.5% duties, and truck imports from these countries are taxed at 25%.
* Farley's comments follow the Trump administration's imposition of a 10% tariff on Chinese goods, including automobiles, as well as ongoing negotiations with Canada and Mexico regarding 25% levies.
* GlobalData reports that in 2022, 46.6% of all vehicles sold in the US were produced outside of the country, with South Korea (8.6%), Japan (8.2%), and Mexico (16.2%) being among the top importers.
* Many major automakers, including General Motors, Nissan, Honda, Toyota, Hyundai, and Kia, import vehicles from these countries, often tariff-free or with low duties.
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