Car Companies, Parts Makers Urge U.S. to Abandon Tariff Plan

Canadian auto parts maker Magna International Inc. has joined a chorus of automotive companies urging the U.S. not to impose tariffs on their products. The proposed tariffs would negatively affect both the U.S. and Canada, cut jobs, and raise prices for consumers, Magna, among the the largest automotive suppliers in the U.S., said in a letter to U.S. Commerce Secretary Wilbur Ross dated June 29 and posted online. “Tariffs or other trade barriers on imported automobiles and/or automotive parts would weaken the U.S. economy and threaten to undermine the entire U.S. automotive industry,” wrote James Tobin, Magna’s chief marketing officer.