20:46:03 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 408,637,092
Close 2015-10-05 C$ 64.38
Market Cap C$ 26,308,055,983
Recent Sedar Documents

Globe says TPP dilutes Magna, rivals favoured NA access

2015-10-06 05:52 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 Tuesday, Oct. 6, edition that 12 countries on Monday reached an agreement on the Trans-Pacific Partnership, creating the world's largest free-trade zone. The Globe's Bill Curry writes that Canada's concessions on auto imports quickly came under fire Monday following the announcement of the deal. Canada will allow vehicles to enter the country from Japan duty free within five years. The United States, however, negotiated a superior deal than Canada with a 25-year timeline before similar tariffs would ease. The privileged access of Canada's auto parts manufacturers, Magna International, Martinrea International, Linamar and others, to the North American market will also be diluted under the deal. Current rules under the North American free-trade agreement require that 62.5 per cent of auto parts come from North America in order to avoid tariffs. Under the TPP, autos manufactured in Canada must meet a new standard that 45 per cent of the cost be based on parts made within the TPP. The Canadian Vehicle Manufacturers' Association says it does not like the "differentiation in the negotiated tariff transitions achieved by Canada and the United States."

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