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Ford CDR (CAD Hedged)
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Globe says Honda, rivals seen facing a "huge bill"

2025-10-20 06:50 ET - In the News

See In the News (C-HNDA) Honda CDR (CAD Hedged)

The Globe and Mail reports in its Monday, Oct. 20, edition that President Donald Trump's tariffs on imported automobiles and parts from Canada and Mexico will cost U.S.-based automakers at least $10-billion (U.S.) through the end of October, says a new analysis by Anderson Economic Group. The Globe's Eric Atkins writes that Patrick Anderson, principal of AEG, said automakers that have operations that span the North American borders are faced with a "huge bill." Mr. Anderson said: "There is no way for $10-billion (U.S.) to be absorbed by the automakers and suppliers alone. Consumers and workers are going to bear some of these costs." Mr. Trump relied on Section 232 of the Trade Expansion Act of 1962 to impose tariffs on imported cars, metals and other goods, declaring them a threat to national security. Mr. Trump says he wants automakers to move their plants to the United States, and that the country does not need cars made in Canada. General Motors has said tariffs cost $1.1-billion (U.S.) in the second quarter alone, while Ford pegged its full-year cost at about $2-billion (U.S.) this year. Both automakers will provide fresh looks at the tariff impact when they report quarterly earnings next week.

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