Investing.com -- Following a conversation between Ontario Premier Doug Ford and US Commerce Secretary Howard Lutnick, Ontario is forecasting a significant reduction in the effect of auto tariffs on Canada. This information was reported by the Globe and Mail, citing an anonymous high-ranking Ontario government source.
The source revealed that Lutnick is aware of the interconnected nature of US and Canadian auto supply chains. As a result, the province anticipates additional adjustments and improvements to the 25% auto tariff policy. The revisions to the tariff policy could be introduced on April 2 or later, as per the report.
On Thursday, Wall Street’s main indexes experienced a decline due to President Donald Trump’s latest tariff strategy, which resulted in a rapid drop in auto stocks.
Late Wednesday night, Trump disclosed his plan to impose 25% tariffs on imported cars and light trucks starting next week. Tariffs on auto parts are expected to commence from May 3.
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