02:46:21 EST Tue 03 Dec 2024
Enter Symbol
or Name
USA
CA



Martinrea International Inc
Symbol MRE
Shares Issued 74,813,852
Close 2024-07-26 C$ 11.57
Market Cap C$ 865,596,268
Recent Sedar Documents

FP/wire say Magna, rivals hear fed closing EV loophole

2024-07-26 06:47 ET - In the News

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

The Financial Post reports in its Friday, July 26, edition that the U.S. ambassador to Canada believes that Prime Minister Trudeau's government is taking steps to close a loophole that could have allowed Chinese electric vehicles to enter the U.S. via Canada, bypassing U.S. tariffs. A Bloomberg dispatch to the Post reports that Canada appears to be discussing shutting a back door that risked letting "what are basically Chinese EVs" into the U.S., David Cohen said -- highlighting the close attention being paid by the White House to stopping an influx from fast-growing Chinese automakers such as BYD Co. In May, the Biden administration announced it would quadruple tariffs on Chinese-made EVs. However, the U.S. is concerned that Chinese companies may try to set up or exploit facilities in countries, such as Canada and Mexico, that have trade agreements with the U.S. "What Canada seems to be doing is talking about it taking some actions that would also help to address that loophole," Mr. Cohen said. Canada is nearing the end of a 30-day consultation on potential measures to restrict Chinese electric vehicle imports -- including higher tariffs to align with the U.S. and European Union.

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