They strategized how to handle delicate conversations with the company’s customers—big automakers including Ford Motor and Stellantis’s Jeep brand—about who will eat any added costs. It’s an action plan he hopes to never implement.

For months, automakers have been taking a “wait-and-see” approach to the Trump administration’s potential tariffs.

President Donald Trump reiterated his threat of 100% tariffs against BRICS nations, demanding that they pledge not to challenge the U.S. dollar.