In his most strongly worded statement on trade issues to date, Joe Hinrichs, president of Ford's Americas unit, took Japan and specifically Toyota to task today for benefiting unfairly from currency manipulation.
In a speech before The Economic Club of Chicago, Hinrichs said Ford would "urge Congress to oppose a TPP [Trans-Pacific Partnership] if it does not include strong currency disciplines."
"When Toyota came out and said half their profits are due to currency change of the yen, that's a big deal. They said that," Hinrichs said in comments to reporters after the speech. "When [Toyota President] Akio [Toyoda] came out in support of [Japanese Prime Minister Shinzo] Abe saying we need a weaker currency, that's a corporate policy statement."