The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Canadian auto parts maker Magna International Inc. has joined a chorus of automotive companies urging the US not to impose tariffs on their products. The proposed tariffs would negatively affect both the US and Canada, cut jobs, and raise prices for consumers, Magna, among the the largest automotive suppliers in the US, said in a letter to US Commerce Secretary Wilbur Ross dated June 29 and posted online.
“Tariffs or other trade barriers on imported automobiles and/or automotive parts would weaken the US economy and threaten to undermine the entire US automotive industry,†wrote James Tobin, Magna’s chief marketing officer.
The Ontario-based company joined General Motors Co., BMW AG, and Hyundai Motor Co. in pressing their case to the Commerce Department. They join the EU, which warned of a “severe disruption†including the potential loss of some 180,000 US jobs. A top aide to President Trump dismissed the concerns as “smoke and mirrors.†“It appears that purpose of threatening to impose these duties is to achieve certain economic objectives, under the theory that enhancing US economic competitiveness will enhance US national security,†BMW said in a letter.