Canadian auto industry leaders say the latest tariffs announced today by U.S. President Donald Trump will raise the prices of cars for consumers and devastate the sector.
Flavio Volpe, president of the Automotive Parts Manufacturing Association, says Trump seems determined to go ahead with auto tariffs despite the potential fallout.
Trump announced 25 per cent on all automobile imports starting April 2, and says the major three automakers have to move their parts divisions back to the U.S.
Shares of Ford, General Motors and Stellantis all slid in after hours trading.
The North American automobile industry is heavily integrated among Canada, Mexico and the U.S.
Volpe says the tariffs will lead to widespread shutdowns in the U.S. and Canada.