Canada will conditionally exempt some countermeasures against U.S. imported automobiles
Canada will grant a 6-month tariff exemption on certain U.S. goods, with some automakers eligible for tariff waivers. Prime Minister Carney stated that automakers continuing to produce in Canada will receive a 100% tariff exemption. In early trading, General Motors and Ford Motor saw their stock prices decline. The Treasury Department's statement indicated that the exemption depends on whether automakers continue to produce in Canada and complete their investments. The White House stated that President Trump’s position on this issue remains unchanged
On Tuesday, media reports indicated that Canada would grant a six-month tariff exemption on certain U.S. goods, with some automakers qualifying for Canadian tariff exemptions. Following this, Canadian Prime Minister Carney stated that automakers continuing to produce in Canada would receive a 100% tariff exemption.
In early trading on Tuesday, General Motors fell 1.13%, Ford Motor dropped 1.39%, and the U.S. dollar rose 0.05% against the Canadian dollar, reported at 1.3887.
Subsequently, according to CCTV News, on April 15 local time, the official website of the Canadian federal Ministry of Finance released a statement announcing the exemption of certain countermeasures against U.S. imported automobiles to assist the development of domestic automakers in Canada. The Canadian Ministry of Finance stated in a release: "The exemptions for these companies depend on whether these automakers continue to produce cars in Canada and complete planned investments."
The office of the Canadian Minister of Industry stated that Honda Motor does not intend to relocate its existing production lines out of Canada. Honda also indicated that its Ontario plant would continue to operate at full capacity.
On the same day, White House Press Secretary Leavitt stated that President Trump maintained his position on the Canadian issue.
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