U.S. auto tariffs could cut Canada's car output by nearly 1 million, CIBC says

July 4, 2018

Canada produces just over 2 million new vehicles a year, according to StatsCan

The number of cars made in Canada could fall by almost 900,000 units a year if the U.S. hits this country with a 25 per cent auto tariff, according to a recent report by CIBC.

Royce Mendes, senior economist at CIBC Capital Markets, is the latest analyst to sound the alarm over the impact that Canada's economy could see from the recent tariff threat from U.S. President Donald Trump.

"It wasn't that long ago when it was commonplace to question whether President Trump could make good on his promises. But, so far, he's generally found ways to stay true to his word, and that's exactly what's so concerning about auto tariffs," Mendes said in a note on Wednesday...

This was excerpted from the 4 July 2018 edition of CBC News.

Topic(s)

Trade Agreements

International Trade and Border Management

Information source

Canadian News Channel

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