Honda warns 50% Canada auto tariffs would be catastrophic for auto industry

President Donald Trump has threatened to double tariffs on Canadian vehicles and parts from 25% to 50% if a trade deal is not reached between the two countries, according to CNBC and CNBC World. These potential tariffs involve duties imposed under Section 232 of US trade law.

Investing.com reports that the United States and Canada are working on a deal to ease US tariffs on Canadian steel and autos. Negotiators are discussing potential relief from duties that include up to 50% on Canadian steel and 25% on autos. While one Canadian source indicated a deal might be possible before the November 3 elections, US sources stated the Trump administration wants Canada to make further concessions.

The negotiations are being centered by Commerce Secretary Howard Lutnick rather than the US Trade Representative’s office.

Brief written by urgent.news from CNBC World, CNBC, Investing.com — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.