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Investing.com -- The Canadian government has announced that it will exempt automakers from import tariffs on certain U.S.-made vehicles, provided they continue to manufacture vehicles within Canada. This policy is set to offer relief for companies such as General Motors Co (NYSE:GM). and Stellantis NV (NYSE:STLA), which operate assembly plants in Ontario but also import a significant number of vehicles from the U.S.
This move comes after retaliatory tariffs were imposed last week on U.S.-made vehicles by the government of Prime Minister Mark Carney. The new policy also includes a six-month reprieve on imports from the U.S. that are used in Canadian manufacturing, processing, and food and beverage packaging, as well as certain items related to public health and national security objectives.
At present, Canada imposes 25% counter-tariffs on approximately C$60 billion ($43.3 billion) worth of U.S. goods, including an additional set of tariffs on some U.S.-manufactured autos. These tariffs affect a broad spectrum of U.S. steel and aluminum products, as well as items such as tools, computers, and consumer goods.
The exemptions are intended to support Canadian businesses that depend on U.S. imports to maintain their competitiveness. This will also benefit critical institutions such as hospitals, long-term care facilities, and fire departments, according to a statement released by Canada’s Finance Department.
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