Trade Tensions Escalate: Canada and Vietnam Respond to Trump's Tariffs on Autos
In light of President Trump's new 25% tariffs on auto imports, Canada and Vietnam are adjusting their trade strategies with significant implications.
Concerns about a "protracted trade war" appear to have escalated.
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The president's 25% tariffs on all steel and aluminum imports took effect earlier this month, but Mr. Trump gave automakers a one-month exemption after speaking to leaders of the Big Three automakers: Ford, General Motors and Stellantis.
Trump's tariffs won't just raise car prices, but auto insurance rates, experts say
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Trump announced on Wednesday that he would impose a 25% tariff on cars and car parts shipped to the US from 3 April in a move experts have predicted is likely to depress production, drive up prices and fuel a global trade war.
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It is clear the automakers have not figured out a plan here either.
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One thing seems unanimous among analysts, however: No matter where the car is made, these tariffs will increase the price of new cars by thousands of dollars because automakers cannot absorb all of the cost increases the tariffs will bring.
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That's welcome news for Tesla, whose vehicle sales have taken a hit in recent months amid consumer anger over Musk's central role in helping the president slash and dismantle government agencies.
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The action is likely to have a more significant impact on carmakers exporting from Germany and the UK, which are known for selling fewer, more premium and luxury brands at higher prices, such as Jaguar Land Rover, Mercedes-Benz and Audi.
How will carmakers be affected by Trump's tariffs?
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Canadians have been vocal about their anger at the United States and at its president.
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Canada will have to dramatically reduce its reliance on the US as the two countries’ relationship darkens.
US-Canada relationship faces fundamental change amid trade threats, Canadian PM warns
CNN·1M·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.Leans LeftThis outlet slightly leans left.It is clear that the United States is no longer a reliable partner.
Canada's new prime minister says he'll be speaking soon with Trump for the first time
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Canadian PM Carney: Old U.S. Trade Ties Are Over
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The most recent development contributes to an already dicey economy stricken with decreased consumer confidence and recession fears.
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The auto industry is sounding the alarm about U.S. President Donald Trump’s latest tariff announcement.
Latest US Auto Tariffs Major Concern for Heavily Integrated North American Sector
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The ongoing trade war between the U.S. and its neighboring allies has escalated further after President Donald Trump announced Wednesday that he would be imposing a 25% tariff on auto imports.
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Even before Wednesday's announcement, industry insiders projected lower sales and economic disruptions due to Trump's other tariffs (and tariff threats).
Trump's new car tariffs are a $100 billion tax increase no one wants
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Canada's Prime Minister Mark Carney in a speech on Thursday criticized the Trump administration's approach to tariffs, which have fueled a global trade war.
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Summary
Amid President Trump's announcement of a 25% tariff on foreign vehicles set to take effect on April 2, Canadian Prime Minister Mark Carney is preparing retaliatory measures, including a CA$2 billion fund aimed at supporting the domestic auto sector amid rising Canadian patriotism and upcoming elections. Meanwhile, Vietnam's Prime Minister Pham Minh Chinh is pursuing a diplomatic approach, keenly aware that despite a substantial trade deficit with the U.S., he may not be able to avert tariffs entirely, especially given concerns over Vietnam’s relationship with China. Analysts predict significant ramifications for both countries as they adapt to these new trade dynamics.
Perspectives
Canadian PM Mark Carney criticized Trump's tariffs, stating they harm American workers and consumers while jeopardizing trade relations.
Trump's tariffs may raise the cost of cars in the U.S. and threaten jobs due to the interconnected nature of North American auto manufacturing.
Industry responses vary, with some supporting Trump's efforts to boost domestic production while others warn of negative consequences for consumers.
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