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Canada Ponders Auto Industry Aid to Counter U.S. Tariffs
Canada is weighing the idea of financial aid to its auto industry if the Trump administration goes ahead with a threatened 25% tariff on all cars imported to the U.S.
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Canada is weighing the idea of financial aid to its auto industry if the Trump administration goes ahead with a threatened 25% tariff on all cars imported to the U.S.
Innovation Minister Navdeep Bains tells Reuters that Canada has already offered support for Canada’s aluminum and steel industries to cope with U.S. tariffs of 10% and 25%, respectively, on those materials. Last year the country provided C$867 million ($657 million) to offset U.S. tariffs on softwood lumber from Canada.
“We’re going to support our workers,” Bains declares. “We have your backs.” He says Canada’s auto industry supports 500,000 direct and indirect jobs and contributes C$80 billion ($61 billion) to the country’s economy.
Prime Minister Justin Trudeau has said he believes President Donald Trump is including Canada in the aluminum, steel and perhaps auto tariffs as leverage in negotiations to significantly modify the North American Free Trade Agreement.
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