09:52:15 EDT Wed 08 May 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 408,637,092
Close 2015-10-05 C$ 64.38
Market Cap C$ 26,308,055,983
Recent Sedar Documents

Globe says Magna, rivals hear TPP weakens protections

2015-10-06 07:43 ET - In the News

Also In the News (C-GMM) General Motors Company
Also In the News (C-LNR) Linamar Corp
Also In the News (C-MRE) Martinrea International Inc

The Globe and Mail reports in its Tuesday, Oct. 6, edition that Canada weakened protecting its auto sector under the Trans-Pacific Partnership. The Globe's Barrie McKenna writes that the deal lowers the domestic-content rules for vehicles and car parts, overriding rules in NAFTA that have protected Canadian auto jobs for decades. Under NAFTA, the content rule was 62.5 per cent, the threshold will now be 45 per cent for cars and other higher-value components, allowing more foreign parts to be used by automakers in Canada, the United States and Mexico. Union officials have warned TPP concessions could put at risk 80,000 auto-parts manufacturing jobs in Canada. Trade Minister Ed Fast insisted in Atlanta on Monday that no auto-related jobs in Canada will be lost as a result of TPP. With "100-per-cent certainty," Prime Minister Stephen Harper insists Canadians will look back on this moment 10 years from now and will sing TPP's praises. Canadian Chamber of Commerce director of international policy Cam Vidler says Canada simply could not afford to sit on the sidelines as the U.S. and Mexico did a major free-trade deal with Japan and other Asian countries, such as Vietnam and Malaysia.

© 2024 Canjex Publishing Ltd. All rights reserved.