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.
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. "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.
Toyota is the top-producing automaker in Canada, at roughly 526,000 units in 2023, followed by Honda at nearly 378,500 vehicles. GM, once the largest producer in Canada at more than 1 million vehicles, is now one of the smallest manufacturers of light-duty vehicles in the region.The Canadian automotive industry is on an upswing following a decades-long decline that escalated during the coronavirus pandemic.