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.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 exceptions. He has said plans to invoke'national security' concerns to pass such hikes, rather than seeking congressional approval, saying illegal immigration and the illicit drug trade are causing concerns on the border, justifying the tariffs
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NHTSA to Investigate All ARC Automotive Airbag Inflators After Industry PushbackThe National Highway Traffic Safety Administration (NHTSA) will further investigate nearly 50 million airbag inflators made by ARC Automotive Inc. after the auto industry raised concerns about a potential recall of all inflators. While the agency previously deemed these inflators defective and dangerous, industry comments highlighted technical and manufacturing variations that warrant further scrutiny.
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NHTSA Reconsiders Recall of ARC Automotive Airbag Inflators After Industry PushbackThe National Highway Traffic Safety Administration (NHTSA) has decided to further investigate the potential for exploding airbag inflators made by ARC Automotive Inc. after the auto industry raised concerns about the scope of a proposed recall. Originally, NHTSA planned to recall all 49 million inflators in vehicles from 13 manufacturers due to risks of explosion and shrapnel, citing at least seven injuries and two deaths in the U.S. and Canada since 2009. However, the agency now acknowledges technical and manufacturing variations between inflators from different manufacturers and plants, warranting further analysis before issuing a definitive recall.
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US Automotive Industry at RiskThe US automotive industry faces multiple threats, including competition from China, sluggish vehicle sales, slow adoption of electric vehicles, inadequate lobbying efforts, wasteful product development, and stringent regulatory pressures. Experts warn that the industry is at a breaking point and may become significantly weaker by the end of the decade.
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German Economy Faces Headwinds, Automotive Industry Embraces Software-Defined FutureGermany's economic outlook is clouded by supply chain disruptions and the war in Ukraine. Meanwhile, the automotive industry is rapidly evolving towards electric, software-driven vehicles with increasing autonomy.
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Slovakia's Automotive Industry at Risk Due to Trump's Import Tar PoliciesSlovakia, known for its strong automotive industry, may face challenges due to President-elect Trump's proposed tariffs, which includes tariffs on imports from China, Canada, and Mexico, but not mentioning Europe.
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