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.

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.

Ford Motor Co.’s chief executive officer said the tariff relief President Donald Trump extended to automakers is “reasonable” and “the right thing to do” while indicating more is needed to fully address the impact of his levies.