Jennifer Thomas, senior vice president of corporate affairs at American Honda Motor, warned that the auto industry would face a “catastrophic” scenario if the U.S. and Canada fail to reach a new trade deal by year-end. President Trump has threatened to raise tariffs on Canadian vehicles and parts from 25% to 50% on Jan. 1 if no deal is reached. Thomas said an ideal outcome would be a trilateral agreement including Mexico, like USMCA, and said she is “cautiously optimistic” after reports that talks have resumed, including easing levies on aluminum. The U.S. Trade Representative, Jamieson Greer, has moved USMCA into an annual review instead of a 16-year automatic extension. Honda is the second-largest vehicle producer in Canada behind Toyota, but says more than 60% of the vehicles it sells in the U.S. are built domestically, while U.S. deals with Japan and South Korea include 15% tariffs on vehicles.
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USD/CAD
▲ Likely positiveRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/26/2026 | 1.40130 |
| Change that session | +0.04% |
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