#automotives

Homing in once again on the fractured Canada-U.S. relationship, Liberal Leader Mark Carney unveiled a $2-billion proposal to protect Canada's auto industry while in Windsor, Ont., on Wednesday — one of the front lines of the tariff war. Calling it a "strategic response fund," Carney said the money would be used to boost the auto sector's competitiveness, protect manufacturing jobs, help workers gain expertise and build "a fortified Canadian supply chain." Carney's announcement came hours before U.S. President Donald Trump ratcheted up the trade war, announcing plans for a 25 per cent tariff on all vehicles not made in the United States as of April 2.

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Josh Boak at AP, via HuffPost:

WASHINGTON (AP) — President Donald Trump said Wednesday he was placing 25% tariffs on auto imports, a move the White House claims would foster domestic manufacturing but could also put a financial squeeze on automakers that depend on global supply chains. “This will continue to spur growth,” Trump told reporters. “We’ll effectively be charging a 25% tariff.” The tariffs, which the White House expects to raise $100 billion in revenue annually, could be complicated as even U.S. automakers source their components from around the world. The tax hike starting in April means automakers could face higher costs and lower sales, though Trump argues that the tariffs will lead to more factories opening in the United States and the end of what he judges to be a “ridiculous” supply chain in which auto parts and finished vehicles are manufactured across the United States, Canada and Mexico. To underscore his seriousness about the tariffs directive he signed, Trump said, “This is permanent.” [...] Trump has long said that tariffs against auto imports would be a defining policy of his presidency, betting that the costs created by the taxes would cause more production to relocate to the United States while helping narrow the budget deficit. But U.S. and foreign automakers have plants around the world to accommodate global sales while maintaining competitive prices — and it could take years for companies to design, build and open the new factories that Trump is promising.

Watch your vehicle prices rise as a result of this.

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