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 tariff
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