BNN Bloomberg Economics Trump's tariffs would devastate auto sector, raise consumer costs: industry leader By Sammy Hudes, The Canadian Press November 27, 2024 at 1:54PM EST Flavio Volpe, president of Automotive Parts Manufacturers Association, talks about how Trump's tariffs are shaking up the Canadian auto parts manufacturing indu Auto industry leaders say U.S. president-elect Donald Trump’s threat of tariffs on Canadian goods would have devastating effects for the sector, forcing both Canadian and U.S. consumers to pay higher vehicle prices. Flavio Volpe, president of the Automotive Parts Manufacturers' Association, said it’s unreasonable to apply such a tax to vehicle parts, which may cross the border up to eight times before ending up in a finished vehicle. ADVERTISEMENT Tracking pixel AdvertisementBNN Bloomberg Economics Ontario supports Ottawa's GST holiday, will not ask for lost revenue back By The Canadian Press November 27, 2024 at 5:10PM EST PM Trudeau announced the feds will send $250 cheques to some Canadians and a GST break. Strategist Brent Joyce explains what this could mean for the economy. TORONTO — Ontario says Ottawa's tax holiday will cost the province $1 billion, but it will support the GST break for consumers. Last week, the federal Liberal government announced plans to pause the GST for two months on prepared food, toys, some types of alcohol and other holiday season staples. ADVERTISEMENT Tracking pixel Advertisement Scroll to Continue In provinces like Ontario, where the provincial and federal sales taxes are blended together into a harmonized sales tax, the entire HST would be removed from such items. Premier Doug Ford has said he was supportive of the move. Now, the office of Finance Minister Peter Bethlenfalvy confirms it will remove the provincial sales tax on items not already covered under provincial rebate. Ontario has long removed the provincial portion of the harmonized sales tax from similar items listed in Ottawa's GST break plan, such as children's clothes and some food. The premiers of New Brunswick and Prince Edward Island have said they want to be compensated by Ottawa for the provincial revenue lost during the tax holiday. This report by The Canadian Press was first published Nov. 27, 2024. Liam Casey, The Canadian Press