16:43:35 EDT Sat 04 May 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 361,367,702
Close 2017-11-09 C$ 67.05
Market Cap C$ 24,229,704,419
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Globe says Magna Int'l sees end of NAFTA as disruptive

2017-11-10 07:21 ET - In the News

The Globe and Mail reports in its Friday, Nov. 10, edition that the Trump administration's proposals for new auto rules in the North American free-trade agreement appear to be influencing investment decisions even before a decision has been made on whether the agreement lives or dies. The Globe's Greg Keenan writes that auto companies considering major long-term investments are "probably either waiting or they're going to be biased to invest more in the U.S. until there's an outcome here," says Magna International chief executive officer Don Walker. Magna is awaiting the outcome of negotiations, which so far have included the United States insisting that vehicles made in the U.S., Canada and Mexico contain 85 per cent North American content in order to be shipped duty-free within the three countries. A second key U.S. proposal is that vehicles imported to the U.S. from Canada and Mexico contain at least 50 per cent U.S. content. Magna's position is that the end of NAFTA would be hugely disruptive to the North American auto sector and would increase costs of production. Magna has rejected specific country of origin content requirements as "contrary to the objective of a free-trade agreement."

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