NEW YORK, April 30 (Xinhua) -- The chief executive officer of Ford Motor Co. has said the tariff relief that U.S. President Donald Trump extended to automakers is "reasonable" and "the right thing to do" while indicating that more is needed to fully address the impact of his levies.
"We really appreciate the dialogue we've had with the president but we have a lot more work to do with him and the team," Jim Farley said in an interview with Fox Business.
Ford, which builds 80 percent of the cars it sells in the United States domestically, is "in good shape," Farley said, though its competitors more reliant on imports "need more time."
Trump on Tuesday signed directives to lessen the blow of tariffs he's enacted targeting the auto industry, in part by exempting goods affected by his 25 percent duty on imported cars and parts from facing other levies like those on steel and aluminum. He also gave automakers temporary relief from levies on imported parts to allow them more time to move more production to the United States.
According to Bloomberg News on Wednesday, Farley earlier this year warned that Trump's tariffs could "blow a hole in the U.S. industry that we have never seen." The auto industry, including Ford, had been furiously lobbying the White House for relief on 25 percent tariffs on certain car parts due to take effect on May 3. Automakers must still confront higher costs from the 25 percent tariff Trump imposed on imported cars on April 3. ■