Canadian auto industry leaders say the latest tariffs announced Wednesday by U.S. President Donald Trump will raise the prices of cars for consumers and devastate the sector. Read More
Canadian auto industry leaders say the latest tariffs announced Wednesday by U.S. President Donald Trump will raise the prices of cars for consumers and devastate the sector. “This is nuts,” said Flavio Volpe, president of the Automotive Parts Manufacturing Association. “It seems he’s bent on doing the things that he’s been warned will shut down
Canadian auto industry leaders say the latest tariffs announced Wednesday by U.S. President Donald Trump will raise the prices of cars for consumers and devastate the sector.
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Flavio Volpe, president of the Automotive Parts Manufacturing Association, says Trump seems determined to go ahead with auto tariffs despite the potential fallout.
Trump announced a 25% tariff on all automobile imports starting April 2, and says the major three automakers have to move their parts divisions back to the U.S.
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Shares of Ford, General Motors and Stellantis all slid in after-hours trading.
The North American automobile industry is heavily integrated among Canada, Mexico and the U.S.
Volpe says the tariffs will lead to widespread shutdowns in the U.S. and Canada.
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