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Epoch Times
08-05-2025
- Automotive
- Epoch Times
Premier Ford Announces $11B Relief Package for Ontario Workers, Businesses to Offset Costs of US Tariffs
Ontario Premier Doug Ford has announced a series of tax deferment and rebate initiatives totalling $11 billion to mitigate the impact of tariffs imposed by U.S. President Donald Trump. The government is postponing certain provincially administered taxes for a period of six months—from April 1 to Oct. 1, Ford announced in an April 7 . He said the move will support around 80,000 Ontario businesses. Ford the package is a response to U.S. tariffs 'causing enormous economic uncertainty.' 'We can't control President Trump, but we're in full control of the kind of future we build for ourselves,' Ford said in the release. 'The best way to protect Ontario is to build the most competitive economy in the G7, breaking down internal trade barriers and diversifying our trade so we can build a more resilient, prosperous and secure province.' The province is introducing tax relief measures for businesses under its 10 business-related tax programs. These include the Employer Health Tax, Insurance Premium Tax, Gasoline and Fuel Taxes, Mining Tax, Tobacco Tax, International Fuel Tax Agreement, Beer, Wine and Spirits Tax, Retail Sales Tax on insurance contracts and benefit plans, and the Race Tracks Tax. It is also providing a $2 billion rebate for employers via the Workplace Safety and Insurance Board (WSIB), in addition to the $2 billion rebate that was issued in March. Tariffs and Shutdowns Trump the introduction of a 25 percent tariff on automobile imports last week. It went into effect on April 3. This new tariff is in addition to the existing 25 percent tariffs imposed on all steel and aluminum imports into the United States, including those from Canada. Related Stories 4/3/2025 4/2/2025 Products imported under North America's free-trade agreement will be exempt from tariffs, while those that do not comply with the agreement will incur a 25 percent tax, the White House . The president also announced a baseline tariff of 10 percent on imports from most countries, along with an extensive list of increased tariffs that will apply to several nations. Ford's announcement comes as the Stellantis Windsor Assembly Plant for two weeks beginning today, impacting thousands of employees. The company is also closing its Toluca Assembly Plant in Mexico for the entire month of April. The shutdowns have resulted in temporary lay-offs for workers at Stellantis' stamping and transmission facilities in Warren and Sterling Heights, Michigan, and Kokomo, Indiana. Ford has been critical of Trump's tariffs for months, saying that they jeopardize Canadian and American jobs, particularly in the automotive sector. 'President Trump calls today Liberation Day. With so many American jobs on the line, I call it Termination Day,' Ford said in an April 2 after the White House's tariff announcement. He The premier also continues to make appearances on a number of American news networks in a bid to explain how the tariffs are damaging to both countries. Ford has described it as a chance to speak 'directly to Americans' about how the tariffs will impact U.S. jobs as well as the price of gas and goods at the grocery store. Ford has been touting the benefits of tighter Canada-U.S. relations since Trump first broached the subject of tariffs in November. Aside from making a number of U.S. network television appearances, he has been 'speaking regularly' to his counterparts in the United States to try to strengthen ties. The province also a three-month ad campaign at the beginning of the year, touting the province as the country's third-largest trading partner and the No. 1 export destination for 17 states. The commercial ran in the United States through the end of March and was expected to reach 100 million viewers.
Daily Mail
03-05-2025
- Automotive
- Daily Mail
Trump's tariffs will put up YOUR motor insurance
Motorists in the UK face a big rise in the cost of insurance due to Donald Trump's trade war. A new study from re-insurance giant Swiss Re warns that the US President's tariffs will push up the cost of parts for repairs and damage supply chains. Those increases are likely to be passed on to customers in the form of higher premiums. Drivers have already seen the cost of cover go up markedly after the pandemic. A new rise in motor premiums would come just as households face a wave of higher bills from water and council tax to energy and broadband, which all rose in April. The higher cost of motor cover will be a particular blow for families and other households that need more than one car. And the Swiss Re report said it presented a fresh headache for UK insurers, who were only just recovering from a previous tough period of see-sawing costs. Premiums fell during Covid, when people used their cars far less, before rising sharply again. Firms had been able to reduce prices during the pandemic with fewer drivers on the road meaning fewer accidents and less paid out in claims. The total distance driven by motorists in the UK had reverted to pre-pandemic levels by 2023, when it reached 331 billion miles, the Swiss Re report said. Some insurers were left in the red as shortages of car parts and soaring energy prices raised the cost of repairs, and have only just got back on an even keel. Trump's trade wars have thrown another spanner in the works. Tariffs imposed by the US – and by other countries in retaliation – could make complex networks of supply chains seize up, leaving it harder and more expensive to obtain parts. Ed Hull, senior underwriter at Swiss Re, said insurers' hopes of a return to healthy profits may have been dashed by Trump. 'A combination of falling inflation, improved claims frequency and pricing corrections on 2023 premiums has many commentators expecting a return to profitability for UK motor insurance in 2024,' he said. 'But we can expect this to give way to more challenging conditions in 2025, with headwinds on the horizon. 'Top of the list is the ongoing threat of geopolitical uncertainty and resulting supply chain disruption, which affects availability of vehicles and spare parts. This can lead to delayed repairs and increased costs, which then need to be reflected in insurance premiums.' The prediction of higher prices for drivers reveals the far-reaching impact of Trump's tariffs beyond the shores of the US. It suggests that, even after the White House managed to quell a financial market meltdown by announcing a 90-day pause on most of the duties announced last month, the reverberations from his 'liberation day' shock will continue to affect firms and households across the world. In Britain, motorists also have to contend with the stealth Insurance Premium Tax (IPT), which has been rising ever since it was introduced in 1994 at a 2.5 per cent rate. It has since been increased by Governments of both stripes and now stands at 12 per cent for motor insurance, with a rate of 20 per cent for breakdown, pets and travel. Direct Line chief executive Adam Winslow has estimated that someone with a home and motor insurance policy is typically paying more than £100 a year in IPT. The latest projections from the Office for Budget Responsibility suggest that the tax will bring in £9.9 billion annually by the 2029-30 financial year. UK insurers paid out a record £11.7 billion in car insurance claims last year according to the Association of British Insurers. And increases in theft and repair costs continued to push up the average cost of premiums, which rose 15 per cent to £622 a year. That followed a 25 per cent increase in 2023.
