What would be the impact of a 25% tariff on imports from Mexico and Canada on the U.S. auto industry?

According to Ford CEO Jim Farley, a 25% tariff on imports from Mexico and Canada would create unprecedented damage to the U.S. auto industry, describing it as pulling "a hole in the US Industry that we have never seen." He emphasizes that every single manufacturer would be negatively affected by such tariff increases, leading to widespread challenges across the sector. The proposed tariffs would not only impact major automakers but also create ripple effects through smaller businesses in automotive hubs like Detroit, potentially resulting in higher prices and increased uncertainty for consumers throughout the industry.