09:22:49 EDT Fri 19 Apr 2024
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or Name
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CA



Magna International Inc
Symbol MG
Shares Issued 358,395,997
Close 2018-04-06 C$ 74.79
Market Cap C$ 26,804,436,616
Recent Sedar Documents

Globe says Magna, rivals see NAFTA talks focus on autos

2018-04-09 08:12 ET - In the News

Also In the News (C-LNR) Linamar Corp
Also In the News (C-MRE) Martinrea International Inc

The Globe and Mail reports in its Saturday edition that North American free-trade agreement negotiations of late have focused almost entirely on autos. The Globe's Adrian Morrow writes that the current stumbling block, say unnamed sources, is a United States demand that North American content requirements be tied to wages, incentivizing automakers to source vehicle parts from factories that pay workers more than $15 (U.S.) an hour. The measure is designed to discourage the creation of auto jobs in Mexico -- where workers earn about $3 (U.S.) -- fulfilling one of President Donald Trump's key campaign promises. It would also give Canada a victory in its quest to improve NAFTA labour standards. Mexico, however, has been fighting the proposal. The Mexican government said the three countries are aiming to "boost" the negotiating process. In Mexico City, the country's deputy minister for industry said he was hopeful for a swift resolution. "I'm very convinced and have a good expectation that we will reach an agreement on the free-trade agreement very, very soon," Rogelio Garza said. The U.S. wants a fast deal to get NAFTA out of the way while it focuses on its confrontation with China over trade.

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