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Enter Symbol
or Name
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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 GM, others hear TPP is the new NAFTA

2015-10-06 08:06 ET - In the News

See In the News (C-GMM) General Motors Company

The Globe and Mail reports in its Tuesday edition that Canada and Mexico have long enjoyed privileged access to the United States, the country with the biggest economy in the world. The Globe's Bill Curry writes that special status will be diluted under the Trans-Pacific Partnership. TPP is similar to NAFTA in that it involves pledges to reduce or eliminate tariffs. One of the biggest differences will be felt by the highly integrated North American auto sector. Current NAFTA rules require that 62.5 per cent of auto parts come from North America. Under the TPP, autos manufactured in Canada must meet a new standard that 45 per cent of the cost be based on parts made within the TPP. Canada called this a victory that would allow for more exports, but Unifor, the union representing Canada's auto workers, condemned the deal as "outrageous" and warned it will kill jobs. Monday's deal may not be the end of NAFTA, however. The TPP deal still requires the approval of the U.S. Congress, and senior Democrats and Republicans expressed strong reservations in response to the details. Canada's support is contingent on a positive vote for the deal in Parliament following the Oct. 19 federal election.

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