Ford's top executive is welcoming revisions to auto import rules but says more work is needed to craft trade policies that spur growth in the U.S. auto industry.

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.