Worries about the escalating U.S.-Canada trade feud dominated the annual Automotive Parts Manufacturers’ Association Conference last Wednesday.
This story by Grace Macaluso originally appeared in Automotive News Canada.
“We advocate for certainty,” Joe Hinrichs, executive vice-president and president, global operations, Ford Motor Co., said during a question-and-answer session before an audience of industry leaders.
Optimism that a deal on a renegotiated NAFTA would be reached before the summer evaporated last week after U.S. President Donald Trump announced steep tariffs on aluminum and steel imported from Canada, Mexico and the European Union.
Canada responded with plans to slap tariffs on a range of American goods effective July 1.
Worries were compounded by word this week that Trump was also considering seeking bilateral trade deals with Canada and Mexico.
The U.S. president imposed the tariffs, citing national security concerns about the impact those imported products were having on American domestic industries.
“We hope our political leaders will act to stem any kind of craziness coming out of Washington.”
Tim Quinlan, senior economist, director of Wells Fargo Securities, said he was heartened by the mounting opposition among U.S. Republic and corporate leaders to Trump’s pronouncements.
“With both business and growing numbers of members of Congress standing up against this one-man wrecking ball, hopefully that will start to put some restrictions [on Trump].”
