Ford Motor (F) Chief Executive Jim Farley said President Donald Trump's recent tariff relief for the auto sector is beneficial, but still more work is required to boost the US auto manufacturing industry, CNBC reported Wednesday.
Talking at a launch event for the 2025 Ford Expedition in Kentucky, Farley said, "We need to continue to work closely with the administration on a comprehensive set of policies to support our shared vision of that healthy and growing auto industry, and we are not there yet," CNBC reported.
According to the executive order signed by Trump on Tuesday, autos and auto parts subject to Trump's new 25% Section 232 autos tariffs will no longer be also subject to other 25% tariffs that he has levied on steel and aluminum or on Canadian and Mexican goods tied to the US fentanyl crisis.
Automakers will also be offered a credit of 3.75% of the total manufacturer's suggested retail price value of all vehicles assembled in the US between April 3, 2025, and April 30, 2026, that can be applied to an equal amount of duty-free parts imports, with the exception of China, according to the order.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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