13:57:36 EDT Tue 23 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 408,637,092
Close 2015-10-06 C$ 62.96
Market Cap C$ 25,727,791,312
Recent Sedar Documents

Globe says TPP could lead to job losses at GM, others

2015-10-07 07:49 ET - In the News

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

The Globe and Mail reports in its Wednesday, Oct. 7, edition that the Canadian auto industry cannot afford to reject the Trans-Pacific Partnership. The Globe's guest columnist Campbell Clark writes that the TPP, however, is making auto workers nervous. Many auto workers live in Southern Ontario, where the Liberals must win to take power. That is why Liberal leader Justin Trudeau is skating on the TPP. NDP Leader Thomas Mulcair is against the TPP. Prime Minister Stephen Harper is hoping some auto sector workers will be placated by the $1-billion subsidy package he pledged on Tuesday (if he is re-elected). Mr. Campbell says the PM will gamble that those who are not placated were not going to vote for him anyway. The PM has managed to mollify dairy farmers with promises of a gold-plated compensation package ($165,000 for each dairy farmer). Dairy industry associations have given it a quiet okay. The auto sector, however, is a different story. Under the TPP, a bigger share of the parts in the car can come from other countries such as China and India. That means tougher competition for the Canadian auto sector. Mr. Campbell says Canadian auto sector jobs will most definitely be lost.

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