General Motors (GM) and Stellantis (STLA) will have to pay tariffs on certain U.S.-made vehicles exported to Canada after the car makers opted to move some production out of plants in Ontario, Bloomberg’s Derek Decloet reports. Though Canada in April placed tariffs of as much as 25% on U.S.-made cars and light trucks in response to President Trump’s levies on foreign vehicles, Prime Minister Mark Carney’s administration also carved out a “remission” exemption for car makers that make vehicles in Canada as an incentive to maintain those factories in the country, the author notes. Stellantis will lose 50% of its Canadian tariff exemption, while GM will lose 24% of the exemption, according to Bloomberg.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on GM:
- “Game On.” Ford Stock (NYSE:F) Slips on Plans to Return to the Nurburgring
- Rivian (RIVN) to Fire over 600 Employees as EV Credit Phase-Out Bites Automakers
- Trump Trade: U.S. weighs curbing software exports to China
- General Motors price target raised to $78 from $60 at Argus
- General Motors price target raised to $86 from $75 at Citi