Alarm bells are going off around cities dependent largely on the auto industry for jobs as it is expected that tariffs announced by the US could cut the sale of cars made here by almost 900,000 units a year if the U.S. hits this country with a 25 per cent auto tariff, according to a recent report by CIBC.
Trump and his administration have repeatedly threatened Canada with the possibility of imposing a 25 per cent tariff on cars imported from Canada, along with 10 per cent tariff on auto parts after deciding against exempting Canada from hefty tariffs on steel and aluminum since June.
In terms of how many jobs would be affected by the fall in Canadian auto production, Mendes didn’t specify the resulting number of job losses.
He did, however, add that there could be a ripple effect over time as people who lost jobs spend less and cause employment to decline in other industries.
Just last month, however, TD Bank warned that Trump’s auto tariffs could cost Canada 160,000 jobs, especially if Canada retaliates.
Auto tariffs would kill 1 out of every 5 manufacturing jobs in Ontario alone. So that can really be keeping many families up at night. -CINEWS