08:14:11 EDT Wed 24 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

FP says GM, others hear Unifor pan TPP deal

2015-10-06 09:25 ET - In the News

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

The Financial Post reports in its Tuesday edition that the Trans-Pacific Partnership deal could have major ramifications for Canada's struggling auto industry, resulting in cheaper vehicles for consumers, but a more competitive landscape for Canadian manufacturers. The Post's Kristine Owram writes that Unifor, the union that represents Canadian workers at the Detroit Three, said the deal would put an estimated 20,000 auto jobs at risk by eliminating tariffs and significantly reducing content rules for vehicles and auto parts. Under the TPP agreement Japanese-made vehicles for Canadian consumers will fall in price. Unifor economist Jim Stanford says TPP could encourage Canadian parts makers to relocate their production to cheaper trade-pact member states or even non-TPP countries like China. "There's no possible way to paint this deal as benefiting the auto industry," says Mr. Stanford. "There's no possible way to say that new exports to Japan and Malaysia and Vietnam will somehow offset both the inflow of imports from those places, and more importantly, the potential relocation of a big chunk of our supply chain." Tory leader Stephen Harper says the auto sector "has a bright future under this deal."

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