By CRM Staff
Toronto, Ontario – August 1, 2018 – A TD analysis announced that the Trump administration would be imposing a 10 percent tariff on vehicle parts and 25 percent increase on finished vehicles. This increase would be coming into effect in 2019, the Financial Post reported.
Veins Canada released that any rise in the cost of replacement parts will directly increase repair costs. So far there has been no official announcements from insurers who, for the most part, pay for repairs.
General Motors located in Oshawa, Ont. is one of the automotive plants that could close, according to Joe McCabe CEO of AutoForecast Solutions.
It is speculated that Ontario would suffer the most with an estimate of 160,000 jobs lost and one in five jobs would also be at risk within the manufacturing sector.
In preparation for this drastic increase Canada is said to join Mexico, and other European as well as Asian auto producing countries to discuss a strategy in place for the near future, CBC released.