Canadian Auto Industry Faces Existential Threat from Potential U.S. Tariffs

There's growing concern that a 25% potential tariff on Canadian imports to the U.S. could be an existential threat to the country's recovering automotive industry. President-elect Donald Trump has said he will impose additional 10% tariff on goods from China and a 25% levy for Canada and Mexico.Canadian and American flags fly near the base of the Ambassador Bridge connecting Canada to the U.S. in Windsor, Ontario, Canada, on Wednesday, May 26, 2021.

Potential tariffs on vehicles and automotive parts are particularly alarming for the province of Ontario, the epicenter of Canada's auto industry. Five automakers —'It'd be terrible. It'd not only devastate Canadian jobs, it'd devastate American jobs,' Ontario Premier Doug Ford told CNBC during a phone interview. A tariff is a tax on imports, or foreign goods, brought into the U.S. They are paid for by companies, which some fear would simply pass any additional costs on to consumers. Ford, who said he has not spoken with Trump directly, argued that any tariffs would be harmful to both sides of the border. He said raw materials and parts routinely pass across the border multiple times before being used in the final assembly of a vehicle. Tariffs, he warned, would increase prices, which could then slow production and eliminate jobs. 'We have a trade agreement right now. Things have been working,' Ford said. 'I've said it publicly: I'd love to do a bilateral trade deal with the U.S. And Mexico wants a trade deal, we'll do a bilateral trade deal with Mexico. But Mexico, if they want a seat at the table, they have to follow the rules.' Ontario premier Doug Ford answers questions from reporters as he hosts the Fall meeting of Canada's premiers in Mississauga, Ontario, Canada December 16, 2024., though he has offered few details, such as if there would be exception

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

NCLGS Winter 2024 News and Notes: Industry Sets Sights on Sweeps IndustrySweepstakes scrutiny, future iGaming legislation and potential online casino movement in Florida highlighted the NCLGS Winter 2024 agenda.
مصدر: Covers - 🏆 341. / 59 اقرأ أكثر »

Crypto industry celebrates Trump appointing David Sacks as AI, crypto 'czar' to lead industry innovationDavid Sacks, President-elect Trump's pick for AI and crypto 'czar,' is a billionaire tech venture capitalist and podcaster who's a member of the so-called 'PayPal Mafia.'
مصدر: FoxBusiness - 🏆 458. / 53 اقرأ أكثر »

Texas Citrus Queen Faces Uncertain Future for Valley IndustryElle Holbrook will be crowned Queen Citrianna, representing the Rio Grande Valley's citrus industry, but the industry faces challenges from natural disasters and water shortages. Holbrook's family, South Tex Organics, the largest grower of organic citrus in Texas, experienced significant losses due to Winter Storm Uri in 2021.
مصدر: FOX26Houston - 🏆 448. / 53 اقرأ أكثر »

Trump's Tariff Threats Pose Risk to German Auto IndustryPresident-elect Donald Trump's plan to impose tariffs on all goods entering the U.S. could significantly impact German carmakers, who are already facing challenges. Trump's statements about targeting Germany's auto industry and imposing tariffs on China, Canada, and Mexico raise concerns for European automakers, particularly Germany, which is a major exporter of vehicles to the U.S.
مصدر: NBCNewYork - 🏆 270. / 63 اقرأ أكثر »

Trump's Tariffs Threaten Germany's Auto IndustryPresident-elect Donald Trump's proposed tariffs on imported goods could severely impact European car manufacturers, particularly Germany. The country's auto sector, already facing challenges, is heavily reliant on US exports.
مصدر: NBCPhiladelphia - 🏆 569. / 51 اقرأ أكثر »

Manga Creators Are Finally Getting a Raise as the Industry Faces an Overdue ReckoningLuffy with a hoard of treasure in front of Bakuman and Downfall art
مصدر: screenrant - 🏆 7. / 94 اقرأ أكثر »