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The Ford Motor Company CEO said that it is urgently needed to update the North American trade agreement that is crucial to the region's automotive industry, in sharp contrast to President Trump's indifferent remarks about reaching a new agreement this week. "We have built our entire automotive industry business between Canada, Mexico, and the United States," said Ford CEO Jim Farley. "We must revise it." These comments emphasize the importance of the agreement to American car manufacturers. Before Trump imposed new tariffs on imported cars and parts last year, these companies were able to transport products and parts between the US, Canada, and Mexico duty-free. Trump earlier this week said he believes the agreement is "irrelevant," implying that renegotiating the agreement expiring this year could be very tricky.