Canadian Prime Minister Mark Carney spoke with U.S. President Donald Trump this week to discuss trade issues between the two countries, and understandably, many of those watching most closely are stakeholders in the auto industry.
Carney's office reported that the two men had “a productive and in-depth conversation” on trade challenges and other issues. It was the first conversation between the two leaders since June 30th. According to a source within the Canadian government, the call was initiated by Carney.
The auto industry
Among those with the most to gain – or lose – in the wake of new discussions, the auto industry is front of the line. The effects of the tariffs have begun to be felt and we can expect pricing for several models will soon go up. Automakers have already recorded significant drops in revenue due to the customs duties.
The director of the Automotive Parts Manufacturers’ Association of Canada welcomed the latest discussion between the leaders. “We know that the line is open between the president and the prime minister. It’s important to use it when it’s necessary,” said Flavio Volpe.
Brian Kingston, CEO of the Canadian Vehicle Manufacturers’ Association, which represents the interests of the big three Detroit automakers in Canada, said it was encouraging that the two leaders were speaking.
“There is a mutually beneficial agreement to be had that will eliminate tariffs, enhance our competitiveness, and position the integrated North American industry for success. We are urging government to redouble efforts to secure an agreement before irreparable damage is done.”
- Brian Kingston, CEO of the Canadian Vehicle Manufacturers’ Association
Mark Carney's office declined to say whether another call was scheduled between the two heads of state.