Ford CEO Jim Farley said it's "essential" for U.S. policies to encourage exports as well as reward companies, such as Ford, for their American production

General Motors (GM) and Ford (F) say consumers shouldn’t expect immediate price hikes on cars, even as the companies brace for the financial hit from President Trump’s newly clarified tariffs on imported autos and parts.

Ford Chief Executive Jim Farley said Wednesday that President Trump’s tariff changes help but don’t go far enough. On Tuesday, President Trump announced [changes to tariffs on auto parts that go into