20:31:01 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 358,395,997
Close 2018-04-13 C$ 75.72
Market Cap C$ 27,137,744,893
Recent Sedar Documents

Globe says Magna, others see U.S. soften auto proposal

2018-04-13 07:06 ET - In the News

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The Globe and Mail reports in its Friday edition that the three NAFTA countries are far from reaching a full deal to overhaul the pact -- despite the Trump administration's softening of a key demand on content rules in the auto sector. The Globe's Greg Keenan and Adrian Morrow write that the United States knocked its auto-content demand down to 75 per cent from its previous demand that vehicles made in the region contain 85 per cent North American content so as to qualify for duty-free status, say unnamed sources -- a concession that could make tougher auto rules easier for Canada, Mexico and the industry to swallow. The climb-down in the U.S.'s demand brings the content requirement close to the existing level of such content: Although the existing rule is that a North American vehicle must have 62.5-per-cent content from one of the three North American free-trade agreement countries to be shipped duty-free, many current cars and trucks have between 70 per cent and 75 per cent North American content. Sources say the U.S. has also mulled the idea of obliging automakers to use at least 70-per-cent North American steel in some or all parts. Gulfs, however, remain at the bargaining table on every major issue.

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