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

President Donald Trump’s tariffs are adding “a lot of cost and a lot of chaos” to the auto industry, Ford (F) CEO Jim Farley said Tuesday.

Ford Motor CEO Jim Farley said U.S. President Donald Trump's proposed and implemented tariffs have added "a lot of cost and a lot of chaos," although Farley said he believes the president aims to strengthen the American auto industry overall.

The impact of the tariffs, which Trump delayed for a month last week, would be “devastating” for American automakers, Farley said on Tuesday. They would also provide a “windfall” to Asian and European rivals that wouldn’t face similar levies on cars they import from their home regions, he said.

But he singled out other automakers who import cars from outside America and pay no tariffs imposed whatsoever, claiming the current tariff scheme targeting select countries isn't

Automaker shares led declines on Asian and European stock markets as President Donald Trump imposed 25% tariffs on Mexico and Canada, and 10%

The pro-tariff policies of the new Trump administration are expected to have far-reaching impacts on the local car industry, with new data revealing they could hit almost 20% of all new cars sold across the US.