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Bank of Montreal
Symbol BMO
Shares Issued 727,007,944
Close 2025-03-28 C$ 136.44
Market Cap C$ 99,192,963,879
Recent Sedar Documents

Globe says BMO's Porter says tax on cars will hurt U.S.

2025-03-31 09:08 ET - In the News

The Globe and Mail reports in its Monday edition that it is tariff week in the United States, marking a critical moment in President Donald Trump's efforts to reshape global trade. A triple-bylined item led by Nathan VanderKlippe says that on April 2, the White House plans to unveil a series of reciprocal tariffs, though the specifics remain uncertain. Canada faces significant risks as new trade levies coincide with a proposed 25-per-cent tax on non-U.S. made cars and auto parts, alongside an expiration of a reprieve on tariffs under the U.S.-Mexico-Canada Agreement. For Canada, fossil fuels and automotive products are by far the two largest components of trade with the United States. The U.S. assembled 10.75 million vehicles and bought 16.07 million over the past year, BMO chief economist Douglas Porter said in a note Friday. It exported about 1.5 million vehicles, leaving a gap of more than five million cars and trucks that needs to be filled from somewhere. The bank cannot precisely gauge the economic impact of the auto tariffs until the full details -- and Ottawa's response -- are revealed. "However, we do know that vehicle prices are going higher, especially in the U.S.," Mr. Porter wrote.

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