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Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 361,367,702
Close 2017-11-20 C$ 69.04
Market Cap C$ 24,948,826,146
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Globe says GM, rivals hear Mexico seeks auto compromise

2017-11-20 04:48 ET - In the News

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

The Globe and Mail reports in its Saturday edition that the Mexican government is working on a compromise proposal to tighten the so-called rules of origin. The Globe's Adrian Morrow writes that unnamed sources say Mexico is trying to find a way to placate the United States by squeezing overseas content out of North American-made cars and trucks. Sources say the idea has not yet been finalized. Under the current rules of origin, autos must contain 62.5-per-cent North American content in order to be shipped between the NAFTA countries without paying tariffs. A list called the "tracing requirements" spells out which exact components of the vehicles count toward the content requirement. The U.S. has demanded that a new 50-per-cent U.S. content requirement be imposed on autos made in Canada and Mexico, the North American content requirement be jacked up to 85 per cent and the tracing list expanded to include every component of a vehicle. The proposal Mexico is crafting, the sources said, would offer Donald Trump a more extensive tracing list and possibly the 85 per cent North American content requirement in exchange for the U.S. withdrawing the 50-per-cent U.S. content provision.

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