20:59:26 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 383,354,375
Close 2017-01-19 C$ 56.67
Market Cap C$ 21,724,692,431
Recent Sedar Documents

Globe says GM, others hear broad border tax ruled out

2017-01-20 06:08 ET - In the News

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

The Globe and Mail reports in its Friday edition that the incoming Trump administration is ruling out an across-the-board border tax as it prepares to renegotiate the North American free-trade agreement with Canada and Mexico. The Globe's Bill Curry writes that treasury secretary nominee Steven Mnuchin outlined the new administration's priorities on economic matters during a confirmation hearing before the U.S. Senate finance committee. He will play a central role in working with Congress to turn Donald Trump's campaign rhetoric into action. Mr. Mnuchin made clear that the president-elect does not support plans advocated by Republicans in Congress that would impose a border adjustment tax on imports as part of a corporate tax-reform package. The Republican tax plan has raised widespread concerns among Canadian exporters. "When he's referred to a border tax, he's referred to a small number of companies that have moved their jobs or are moving their jobs, putting products back into the United States, and taxing them," Mr. Mnuchin said in describing Mr. Trump's position. "So he has in no way contemplated a broad 35-per-cent border tax. That couldn't be further from anything he'd possibly consider."

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