12:45:12 EDT Tue 16 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 382,256,855
Close 2017-03-03 C$ 58.06
Market Cap C$ 22,193,833,001
Recent Sedar Documents

FP/CP say Magna, rivals see Ross taking aim at NAFTA

2017-03-06 07:39 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 Financial Post reports in its Monday edition that newly confirmed U.S. Commerce Secretary Wilbur Ross said he intends to move quickly on the North American Free-Trade Agreement negotiations and wants to be aggressive on trade-related issues to spur domestic manufacturing. A Canadian Press dispatch to the Post reports that Mr. Ross said the most egregious parts of the current agreement is the formula for calculating car-part imports. Mr. Ross said: "I think the rules of origin were far too lenient. Rules of origin means how much goods can come in from countries outside NAFTA -- and yet get all the benefits of absolution from tariffs. I think those can be tightened up quite a bit." Mr. Ross referred favourably to an aspect of the Trans-Pacific Partnership, which would have allowed more Asian car parts tariff-free into North America. To observers, that could mean he wants to change the formula for calculating rules of origin. Because while the TPP was designed to increase the percentage of auto parts imported from Asia, it also promised producers a more stringent formula to calculate domestic content. North American autoworkers fumed about TPP lowering the domestic content requirement by 17.5 per cent.

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