02:34:18 EDT Sun 06 Jul 2025
Enter Symbol
or Name
USA
CA



Martinrea International Inc
Symbol MRE
Shares Issued 72,787,848
Close 2025-04-30 C$ 7.34
Market Cap C$ 534,262,804
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Globe says Magna, rivals hear Trump tariffs panned

2025-04-30 07:43 ET - In the News

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

The Globe and Mail reports in its Wednesday edition that Canadian auto industry officials criticize President Donald Trump's plan to reduce tariffs on imported parts, calling it a "token gesture" that will not significantly alleviate the negative effects of his trade policies. The Globe's Eric Atkins writes that Mr. Trump announced these concessions after the U.S. auto industry urged for relief from the 25-per-cent tariffs in place since April 3, warning of inflation, decreased demand and job losses. However, representatives from major foreign car manufacturers view the measures as insufficient to provide real relief. Global Automakers of Canada head David Adams says: "I don't know that it's really going to do anything. ... I mean, it's better than nothing. I was hoping that they might back off of the auto-parts tariffs, but it looks like that's still going to move ahead on May 3 unless there's some other intervention between now and then." Flavio Volpe, head of the Automotive Parts Manufacturers' Association, which represents 230 Canadian suppliers, says Mr. Trump's concessions do not go far enough. He says: "Partial measures that eat profits up and risk insolvency are not acceptable. The right level is zero tariffs."

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