09:45:35 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



Resolute Forest Products Inc
Symbol RFP
Shares Issued 90,425,108
Close 2018-07-06 C$ 13.59
Market Cap C$ 1,228,877,218
Recent Sedar Documents

Globe says Magna, others hear tariffs will hurt

2018-07-09 07:45 ET - In the News

See In the News (C-MG) Magna International Inc

The Globe and Mail reports in its Saturday edition that the Canadian Automobile Dealers Association examined the impact of the 25-per-cent tariff on vehicle imports the Trump administration is studying amid trade battles with Canada, Mexico and the European Union. The Globe's Greg Keenan writes that CADA said, "A 25-per-cent tariff on our automotive exports to the U.S. could be enough to send our entire economy into recession if they are applied for any length of time." It noted that U.S. consumers, however, will bear the highest costs of tariffs. The worst-case scenario of matching 25 per cent duties by the United States and Canada would put between 25,000 and 30,000 of the 156,000 jobs at new-vehicle dealers at risk, CADA estimates. The tariff analysis follows up on comments CADA president John White made at a House of Commons committee hearing last month. Mr. White said 25-per-cent tariffs on vehicles going across the border would cause a "tsunami-like downturn" that would be worse for the auto sector in Canada than the 2008-2009 recession. CADA stopped short of urging Ottawa to avoid retaliating in the auto sector if the Americans go ahead with a duty under Section 232 of the 1962 Trade Expansion Act.

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