Ford CEO Jim Farley did not mince words with Wall Street on Tuesday, describing the impact from a lasting 25% tariff as being "devastating."

Ford Motor CEO Jim Farley met with U.S. lawmakers on Wednesday after raising concerns this week that 25% tariffs on Mexico and Canada would "blow a hole" in the U.S. auto industry.

Increased duties on imports from the two countries could give Asia-based automakers a competitive advantage, according to CEO Jim Farley.

“President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation to the U.S., and if this administration can achieve that it would be, I think, one of the most signature accomplishments,” Farley said, per Automotive News. “So far what we’re seeing is a lot of cost and a lot of chaos.”

GM plans to offset up to 50% of tariffs, while Ford warns they could devastate the auto industry, calling the impact "chaos."

Ford CEO Jim Farley did not mince words when he said Trump's tariff policy is causing concern and chaos amongst automakers.

A 25% tariff on Mexico and Canada would 'blow a hole in the US auto industry,' Jim Farley says, while giving South Korean, Japanese, and European countries an easy leg up.

Ford's CEO Jim Farley says that the introduction of tariffs will add cost and cause chaos in the American auto industry

Ford Chief Executive Jim Farley said the threat of tariffs and other policy changes emanating from Washington, D.C., have resulted in chaos for the auto industry. While the Trump administration’s bid to spark more domestic manufacturing holds promise,