Ford Motor Company CEO Jim Farley stated that President Trump's tariffs have forced the company to pay tariffs exceeding 70% on components such as fasteners, resulting in additional costs exceeding US$2 billion.

Farley said that the current competition from China is exactly the same as the competition between Japanese and American automakers in the 1980s, but much fiercer.

Farley also emphasized that Chinese automakers have factories with the capacity to serve the entire North American market, which could make them bankrupt. Previously, he had praised the advanced level of Chinese electric vehicle technology.