Farley also defended Ford’s U.S. manufacturing footprint, pointing out that about 80% of Ford vehicles sold in the U.S. are made in the country. What’s more, all of Ford’s t

Ford Motor Co. warned that profit may fall by $2 billion or more this year due to lower vehicle prices and costly new-model launches, adding to risks posed by potential new tariffs under President Donald Trump and dimming demand for plug-in cars.

The biggest winners from Trump’s proposed tariffs, Farley suggested, won’t be domestic automakers but Asian rivals that would face little additional impact.

"There's no question that tariffs at 25% level from Canada, Mexico, if they're protracted, would have a huge impact on our industry, with billions of dollars of industry profits wiped out and adverse effect on the US jobs as well as the entire value system in our industry.

Jim Farley is cautiously optimistic for the future, but didn't mince word about how potential tariffs would wreck the auto industry.