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Carmakers Fret Over Tariffs as NAFTA Update Deal Nears
Carmakers are worried that the U.S. won’t drop aluminum and steel tariffs for Canada and Mexico even after the three countries sign an updated trade pact at the end of this month.
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Carmakers are worried that the U.S. won’t drop aluminum and steel tariffs for Canada and Mexico even after the three countries sign an updated trade pact at the end of next week.
They also fret that threatened Trump administration tariffs on foreign cars and parts could apply to the trading partners in spite of the new U.S.-Mexico-Canada Agreement.
Such moves would make the USMCA more costly and even less appealing than the industry expected—and trigger loud protests from carmakers and suppliers, Automotive News reports. “What’s the point,” asks one industry source, “if they are going to keep moving the goal posts?”
Carmakers and supplies are already worried that the opaque and complex local content rules under USMCA leave the terms of compliance unclear. One result: It isn’t clear to the industry how to adjust its supply chains to satisfy USMCA requirements. AN says.
The pact is expected to be formally signed by Canada, Mexico and the U.S. at the G20 summit in Buenos Aires that begins on Nov. 30.
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