RBC exec warns Canada’s auto industry could vanish by 2040: report
At a Toronto auto industry conference, RBC executive Jordan Brennan warned Canada must avoid a worst-case scenario where heavy tariffs kill auto exports.
One of Canada’s largest banks warns the country’s auto industry, which is mainly concentrated in Ontario, could vanish by 2040 unless Canada restores duty-free access to the U.S. market or finds new ways to sustain the sector.
At a Toronto auto industry conference, RBC executive Jordan Brennan warned Canada must avoid a worst-case scenario where heavy tariffs kill auto exports and force governments into politically untenable industry subsidies.
“It’s the scenario where Canada is being heavily tariffed, customs are unviable, and export economics are dead,” said Brennan.
