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Ford eyes level playing field with Toyota, GM imports under new USMCA
CNBC • • business
Key Points:
- Ford CEO Jim Farley advocates for a revised USMCA trade deal that favors automakers producing vehicles domestically, calling for penalties on companies like GM and Toyota that rely heavily on imports.
- GM and Toyota are the top vehicle importers in the U.S., with 41% and 47% of their sales coming from imported vehicles, respectively, while Ford produces the most vehicles domestically and imports only 17% of its sales.
- Farley emphasizes Ford's leadership in U.S. auto production, highlighting its high export volume and significant union workforce, positioning the company as a strong domestic manufacturer.
- The Trump administration has opted for annual reviews of USMCA instead of renewing the trilateral trade pact, raising concerns about trade uncertainty and its impact on investment and jobs in the auto industry.
- A coalition of U.S. auto industry groups supports maintaining the trilateral USMCA agreement to ensure stability, predictability, and preferential treatment for qualifying goods among the U.S., Canada, and Mexico.
