As automakers brace for new tariffs on imports from Mexico and Canada, Ford’s CEO Jim Farley is warning the extra costs would be “devastating.” Farley said the additional tariffs, which could go into effect as soon as March 1, would be a “blow a hole” in the US auto industry.

Proposed 25% U.S. tariffs on Canada and Mexico could lead to a sharp increase in vehicle prices, auto industry executives and analysts say.

“President Trump has talked a lot about making our U.S. auto industry stronger, bringing more production here, more innovation to the U.S., and if this administration can achieve that it would be, I think, one of the most signature accomplishments,” Farley said, per Automotive News. “So far what we’re seeing is a lot of cost and a lot of chaos.”