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face challenges as tariffs threaten North American trade","automakers-face-challenges-as-tariffs-threaten-north-american-trade","article/automakers-face-challenges-as-tariffs-threaten-north-american-trade",{"_uid":557,"date":558,"tags":559,"editor":575,"content":585,"excerpt":699,"featured":51,"reporter":700,"_editable":704,"component":705,"seo_title":553,"categories":706,"visibility":716,"author_company":49,"featured_image":717,"seo_description":699,"author_full_name":49,"author_job_title":49,"formattedDate":721,"formattedArticleDate":722},"dce15d02-fb7f-41a2-9d6a-d69d91747717","2025-02-04 00:00",[560,563,566,569,572],{"slug":561,"name":562},"canada","Canada",{"slug":564,"name":565},"china","China",{"slug":567,"name":568},"mexico","Mexico",{"slug":570,"name":571},"tariffs","Tariffs",{"slug":573,"name":574},"usa","USA",[576],{"slug":577,"name":578,"content":579},"didi-bostock","Didi Bostock",{"job_title":580,"image":581,"bio":583,"linkedin":584},"Editor - Energy Transition & Economics",{"filename":582},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":586,"content":587},"doc",[588,595,600,612,625,630,638,645,650,658,663,668,673,684,689,694],{"type":589,"attrs":590,"content":591},"paragraph",{"textAlign":49},[592],{"text":593,"type":594},"President Trump has confirmed a 10% tariff on imports from China, and 25% tariffs on goods from Canada and Mexico (later delayed by one month following last minute negotiations), ostensibly to curb fentanyl trafficking, illegal migration, and address trade imbalances. ","text",{"type":589,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":594},"By ripping up the United States-Mexico-Canada Agreement (USMCA), tariffs threaten to disrupt trade flows across one of the world’s most deeply integrated economic regions. The North American automotive industry faces some of the biggest headwinds, as its supply chains are highly dependent on cross-border trade. ",{"type":601,"attrs":602},"blok",{"id":603,"body":604},"fc0d8ac4-cb30-48e0-9fc2-97cfb0cfa8c2",[605],{"id":606,"_uid":607,"type":608,"_editable":609,"component":610,"fixed_height":611,"use_fixed_height":50,"fixed_height_mobile":611,"fixed_height_tablet":611},"21452142","i-37d371dd-e522-4de7-9c6e-87c7fbb636f1","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-37d371dd-e522-4de7-9c6e-87c7fbb636f1\", \"id\": \"\"}-->","ContentFlourish","",{"type":589,"attrs":613,"content":614},{"textAlign":49},[615,623],{"text":616,"type":594,"marks":617},"Mexico is an established EV production hub ",[618],{"type":619,"attrs":620},"link",{"href":621,"uuid":49,"anchor":49,"target":49,"linktype":622},"https://rhomotion.com/membership-industry-updates/what-effect-will-trumps-mexico-and-canada-tariffs-have-on-the-us-ev-industry/","url",{"text":624,"type":594},"for US automakers, accounting for 35% of US BEV imports in 2024.",{"type":589,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":594},"The prospect of tariffs are casting doubts on the “friendshoring” efforts undertaken since the passage of the Inflation Reduction Act (IRA). Building upon its rich critical mineral reserves, Canada had received substantial investment at the midstream and downstream stages of the battery value chain since 2021 – the economics of which will now be called into question.",{"type":601,"attrs":631},{"id":632,"body":633},"9b8e0279-28ad-44b2-a2cb-5efa5149f854",[634],{"id":635,"_uid":636,"type":608,"_editable":637,"component":610,"fixed_height":611,"use_fixed_height":50,"fixed_height_mobile":611,"fixed_height_tablet":611},"21465092","i-a8d82283-66ca-4833-8740-725d13522413","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a8d82283-66ca-4833-8740-725d13522413\", \"id\": \"\"}-->",{"type":639,"attrs":640,"content":642},"heading",{"level":641,"textAlign":49},4,[643],{"text":644,"type":594},"US trade exposure?",{"type":589,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":594},"While tariffs will apply uniformly, their impact will vary based on the US trade dependence on each trading partner. The following chart illustrates US reliance on imports from Canada, China, and Mexico across key goods relevant to electric vehicles, critical minerals, and the broader energy transition.",{"type":601,"attrs":651},{"id":652,"body":653},"9ae001c1-4c17-4898-9471-390362256bc9",[654],{"id":655,"_uid":656,"type":608,"_editable":657,"component":610,"fixed_height":611,"use_fixed_height":50,"fixed_height_mobile":611,"fixed_height_tablet":611},"21450735","i-2d6b0f3c-8427-401e-98f8-333609ecef14","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-2d6b0f3c-8427-401e-98f8-333609ecef14\", \"id\": \"\"}-->",{"type":589,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":594},"The US relies heavily on imports from Canada, China, and Mexico across a variety of copper, rare earths, graphite and nickel products and compounds.",{"type":589,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":594},"Tariffs increase costs for US importers, much of which will typically be passed on to consumers, creating inflationary pressures. The harder substitution is to achieve and the more reliant the US is on these countries, the greater the impact tariffs will have.",{"type":589,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":594},"While much remains unclear, the prospect of higher prices will leave US firms considering substitution options – although the spectre of additional tariffs on other trading partners adds further uncertainty. ",{"type":589,"attrs":674,"content":675},{"textAlign":49},[676,682],{"text":677,"type":594,"marks":678},"President Trump hopes to use a combination of tariffs and de-regulation to attract investment in US domestic mining projects.",[679],{"type":619,"attrs":680},{"href":681,"uuid":49,"anchor":49,"target":49,"linktype":622},"https://source.benchmarkminerals.com/article/president-trumps-policies-send-mixed-signals-for-copper?_branch_match_id=1544412039767124058&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvW9wopzQ218CvwDEyyrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAG0Kiz0gAAAA%3D",{"text":683,"type":594}," But, US projects have long been mired by permitting problems and without an existing domestic supply base trade measures are only likely to drive up inflation short-term.",{"type":639,"attrs":685,"content":686},{"level":641,"textAlign":49},[687],{"text":688,"type":594},"How long could tariffs last?",{"type":589,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":594},"President Trump hasn’t indicated how long tariffs could be in place or what metrics would need to be satisfied to see them removed, and has reserved the right to impose even higher tariffs in the event of retaliatory action.",{"type":589,"attrs":695,"content":696},{"textAlign":49},[697],{"text":698,"type":594},"Once implemented, tariffs have historically proven sticky and difficult to remove. If prolonged, the trade measures could result in a fundamental reshaping of trade flows across the North American region and the wider global economy, as businesses and governments seek alternative markets and trading partners.","President Trump has confirmed a 10% tariff on imports from China, and 25% tariffs on goods from Canada and Mexico (later delayed by one month following last minute negotiations), ostensibly to curb fentanyl trafficking, illegal migration, and address trade imbalances. By ripping up the United States-Mexico-Canada Agreement (USMCA), tariffs threaten to disrupt trade flows across […]",[701],{"slug":577,"name":578,"content":702},{"job_title":580,"image":703,"bio":583,"linkedin":584},{"filename":582},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"dce15d02-fb7f-41a2-9d6a-d69d91747717\", \"id\": \"\"}-->","article",[707,710,713],{"slug":708,"name":709},"batteries","Batteries",{"slug":711,"name":712},"critical-minerals","Critical Minerals",{"slug":714,"name":715},"geopolitics","Geopolitics","private",{"id":49,"alt":611,"name":611,"focus":611,"title":611,"source":611,"filename":718,"copyright":611,"fieldtype":719,"meta_data":720,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6f93deea6d/bm-trade-picture1.jpg","asset",{"alt":611,"title":611,"source":611,"copyright":611},"Feb 04, 2025","4th February 2025",[],[],1792773891000]