04:26:53 EST Tue 03 Dec 2024
Enter Symbol
or Name
USA
CA



Martinrea International Inc
Symbol MRE
Shares Issued 76,740,240
Close 2024-06-20 C$ 11.37
Market Cap C$ 872,536,529
Recent Sedar Documents

Globe says Magna, rivals hear call for EV tariffs

2024-06-21 08:26 ET - In the News

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

The Globe and Mail reports in its Friday edition that Ontario Premier Doug Ford is calling on the federal government to immediately bring in tariffs that match or exceed those recently imposed by the United States on Chinese imports of electric vehicles. The Globe's Jeff Gray and Niall McGee write that the Premier, joining a chorus of industry players, says the move is needed to protect EV and battery plants and the thousands of jobs that have been attracted here by the billions in taxpayer subsidies his government and Ottawa have announced in recent years. Those investments are threatened by what he says is a flood of cheap Chinese EVs. "Taking every advantage of low labour standards and dirty energy, China is flooding the market with artificially cheap electric vehicles," Mr. Ford said in a statement released Thursday. "Unless we act fast, we risk Ontario and Canadian jobs." Last month, U.S. President Joe Biden unveiled a huge round of tariff increases on Beijing to target what the U.S. government called "China's unfair trade practices." Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association, said he believes the federal government will do as the Biden administration has done on the EV tariffs.

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