Trump administration blasts Ford business deals with Chinese firms
Trump administration blasts Ford business deals with Chinese firms. Evelyn Hockstein | ReutersThe Trump administration expressed "profound concern" Tuesday about Ford Motor's ties to Chinese companies that it believes could be detrimental to the Detroit carmaker and U.
What happened
Skip NavigationMarketsBusinessInvestingTechPolitics & PolicyVideoWatchlistInvesting ClubPROLivestreamMenuKey PointsIn a letter to Ford CEO Jim Farley, Transportation Secretary Sean Duffy questioned the automaker's strategic trajectory when it comes to Chinese companies. "In response, Ford defended its stance as America's top-producing carmaker and said it "supports the Trump administration's vision for advancing American innovation and manufacturing," In this articleFFollow your favorite stocksCREATE FREE ACCOUNTU. Michael Wayland/CNBC Duffy urged Farley, who has been complimentary of Chinese competitors as well as the Trump administration's attempt to promote U.
"Ford supports the Trump administration's vision for advancing American innovation and manufacturing," the company said. Photograph: Alex Brandon/APState handouts, 10,000 lasers – and Trump’s election: six things we learned from the Elon Musk filmAlex Gibney’s marathon documentary delivers numerous eye-raising insights into the broligarch’s business deals, early idealism and apocalyptic appetite for fathering childrenVeteran documentarian Alex Gibney’s film about the richest broligarch on the planet has been one of the most eagerly anticipated films at the Venice film festival this year.
As examples, Duffy cited Ford's ties to Chinese companies such as battery provider CATL and referenced a framework proposed during an auto show earlier this year in Detroit "to facilitate Chinese joint ventures on United States soil. President Donald Trump and CEO of Ford Jim Farley clap, as President Trump visits a Ford production center, in Dearborn, Michigan, U.
The wider picture
In a letter addressed to Ford CEO Jim Farley, Transportation Secretary Sean Duffy questioned the automaker's strategic trajectory with Chinese companies "as it pertains to American national automotive manufacturing integrity, supply chain exposure, and reliance on technologies of foreign adversaries. Ford said those errors included Duffy's comments about Farley proposing a joint-venture framework for Chinese automakers to enter the U. S. automotive industry and the Trump administration, which has caused uncertainty with its changes to trade and federal rules and regulations.
"Ford, which regularly touts its position as the top-producing automaker in the U. "Ford has a licensing agreement to utilize battery technologies, including the production of lithium iron phosphate batteries, from Contemporary Amperex Technology Co. , or CATL. Ford's deal with CATL was originally announced in 2023 but has drawn renewed attention amid tensions between the U. S. and China as well as Ford's plan to use the battery technologies for energy storage systems. "While DOT recognizes the intense competitive pressures of the global market, the Company's recent strategic decisions paint a troubling picture of a foundational American brand actively intertwining its future with Chinese state-backed enterprises," Duffy's letter read.
What has been reported
Ford CEO Jim Farley at a battery lab for the automaker in suburban Detroit, announcing a new $3. "Ford urged Duffy to more openly communicate with the company. "Had Secretary Duffy reached out before issuing his letter to the press, we would have been happy to share more details about Ford's U. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news. The Oscar-winning 72-year-old, who has in previous films taken on the US military, the Catholic church, Vladimir Putin and Scientology, has been investigating the tech tycoon’s ascent and speaking to people in his orbit since late 2022, before his Maga turn and Trump 2.
The sordid business of negotiating disbursements and NDAs with the mothers of Musk’s children are handled by his right-hand man Jared Birchall, a devout Mormon whom St Clair calls his “henchman” and “demon”. Musk knew with a disconcerting degree of certainty that Trump would re-electedIn the film, St Clair describes the events of Trump’s election in November 2024. “It’s fairly clear to me that Trump is hell-bent on corrupting the midterm elections,” Hinton says onscreen.
What happens next
S. , called the letter a "wrongheaded attempt to capture headlines. " It also defended its stance as America's top-producing carmaker and said it employs more hourly workers in the country than any other automaker, while calling out "factual errors" in the letter. The letter is the latest incident in a series of contentious discussions between the U. 5 billion electric vehicle battery plant in the state to produce lithium iron phosphate batteries, Feb. S. manufacturing, to "reflect on these concerns and national necessities and adopt reasonable strategies that prioritize American workers, utilize allied supply chains, and promote the self-reliance and integrity of the domestic automotive industry.
"— CNBC's Meghan Reeder and Phil LeBeau contributed to this report. Skip to main contentSkip to navigation ‘I need to look like an engineer’ … Elon Musk in Alex Gibney’s film.
The report has been compiled by The Daily Waves using information reported across cnbc.com, theguardian.com. Details are presented according to the information available at the time of publication and may change as authorities, organisers or other relevant parties provide updates.