The U.S. auto industry is staying mum for the moment as the governments of the United States and Canada duke it out in a trade war that is leaving businesses with uncertainty as to the economic impact it could cause.
President Donald Trump enacted 50% tariffs on about $20 billion worth of Canadian goods imported into the United States starting Aug. 22. The tariffs, imposed under Section 338 of the Tariff Act of 1930, which are taxes paid by importers to bring goods across the border, include a variety of goods as well as steel and aluminum – both used by automakers for vehicle production. Canada’s government announced dollar-for-dollar retaliatory tariffs starting Sept. 8.
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