19:39:39 EDT Fri 09 May 2025
Enter Symbol
or Name
USA
CA



Martinrea International Inc
Symbol MRE
Shares Issued 72,787,848
Close 2025-03-28 C$ 7.19
Market Cap C$ 523,344,627
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Globe says Magna, rivals hear big shifts won't be easy

2025-03-28 04:27 ET - In the News

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

The Globe and Mail reports in its Friday, March 28, edition that a leader from Canada's automotive parts sector is warning that U.S. President Donald Trump's new tariff plans could severely harm vehicle production on both sides of the border, jeopardizing hundreds of supplier companies. The Globe's Adam Radwonski and Kate Helmore write that on Wednesday, Mr. Trump announced that automobiles and auto parts imported to the U.S. would face 25-per-cent tariffs, including vehicles under the USMCA, with rates based on non-U.S. content. Flavio Volpe, president of the Automotive Parts Manufacturers Association, expressed concerns that these measures could disrupt the entire industry. Mr. Volpe noted that many suppliers were already struggling due to previous trade policies, and this latest measure would weaken the North American industry overall. "This is all stacking up to not bode well," said Glenn Stevens, executive director of MichAuto, Michigan's automobile industry association. The share price for major Canadian parts manufacturer Magna International dropped by 6.9 per cent on Thursday. Industry concerns are not about automakers quickly switching from Canadian to U.S. suppliers due to Mr. Trump's tariff threats. Such relationships are too established and involve customized products, making a rapid shift unfeasible.

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