Canada is easing trade tensions with the United States, announcing Friday it will lift most of its retaliatory tariffs on American goods.<\/p>\n
Prime Minister Mark Carney stated that the move aims to reestablish free trade across North America under the United States-Mexico-Canada Agreement, commonly referred to as USMCA.<\/p>\n
\u201cI\u2019m announcing today that the Canadian government will now match the United States by removing all of Canada\u2019s tariffs on U.S. goods specifically covered under USMCA,\u201d Carney said.<\/p>\n
Canada, however, will continue its 25% tariffs on autos, steel, and aluminum \u2014 industries that are crucial to Michigan.<\/p>\n
\u201cThe situation we\u2019re in now is that Canada and the United States have reestablished free trade for the vast majority of our goods,\u201d Carney said. \u201cCanada will retain our tariffs on steel, aluminum, and autos as we work intensively with the United States to resolve the issues there. Indeed, our focus is squarely on these strategic sectors and the future.\u201d<\/p>\n
Glenn Stevens Jr., executive director of MichAuto, said the announcement is a positive step forward. <\/p>\n
But he emphasized Michigan\u2019s auto industry has been dealing with the weight of uncertainty.<\/p>\n
\u201cOur economies are intertwined, and so it\u2019s been tense, and hopefully this will be a good sign for us to get back to a strong USMCA trade agreement. That\u2019s what we all want,\u201d Stevens said.<\/p>\n
Stvens added that uncertainty has slowed investments and created challenges for auto suppliers.<\/p>\n
\u201cThis is a business that is a long lead time, capital-intensive, very complex supply chain, and it needs stability and certainty to operate, make business decisions, and we haven\u2019t had that,\u201d Stevens said.<\/p>\n
So far, consumers haven\u2019t felt the full impact of price increases because the supply chain and automakers have absorbed the added costs. But Stevens warned that it may not last.<\/p>\n
\u201cI feel if it goes on, and I think the industry experts would say the same thing, we\u2019re in danger of prices rising,\u201d he said.<\/p>\n
With USMCA set for review later this year, Stevens said Michigan\u2019s competitiveness is on the line.<\/p>\n
\u201cI think what\u2019s at stake for us in Michigan is maintaining a strong trade partnership with Canada and together being able to compete globally, and that\u2019s really the key for us,\u201d he said.<\/p>\n
The tariff changes officially take effect on Sept. 1. <\/p>\n
Stevens said that for Michigan families and workers, the hope is that this will eventually bring more stability \u2014 and help keep car prices from increasing further. <\/p>\n
The average price for a new vehicle in the U.S. is currently around $49,000, Stevens said.a <\/p>\n
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