U.S. - Canada Trade War likely to Increase Vehicle Costs
On May 31, the Trump Administration imposed tariffs on Canadian exports of steel and aluminum – both key components of automobiles. Canadian aluminum exports will be subject to a 10% US tariff while Canadian steel exports will be subject to a 25% tariff. Canada retaliated immediately, imposing comparable tariffs on US exports to Canada, which will take effect July 1.
As a consequence, US providers of aftermarket equipment (AME) have already raised prices on many products by as much as 10%.
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