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U.S. labor leaders with the United Auto Workers union and the AFL-CIO also welcomed the new trade pact, but said the details will determine its ultimate success. The UAW said it could “provide some needed relief for America’s working families.”. Not all the news is good for automakers as the deal will likely result in higher costs, industry executives and analysts said. The auto provisions will phase in through Jan. 1, 2023. “It will drive the vehicle costs up,” said Samit Ghosh, president of P3 North America, an engineering and management consulting firm with auto clients. He said that could ultimately hurt sales and thus production.
The net effect on employment, however, is not clear, Ghosh added, In addition, the Commerce Department is studying whether imports of cars from around the world are a threat to national security, If Commerce finds that to be the case, the United States could slap tariffs on cars and parts from outside the United States, including from Canada and Mexico after the imported cars and parts covered under the USMCA deal, The Center for Automotive Research letter s cufflinks in Michigan estimated around 200,000 jobs would be lost in the U.S, economy if the 25 percent tariffs are imposed on imported vehicles and parts from non-NAFTA trading partners, versus 715,000 jobs if imposed on all countries including Canada and Mexico..
MEXICO CITY (Reuters) - Auto parts output in Mexico will jump about 10 percent over the next three years as automakers scramble to adhere to stricter content rules laid out in a new North American trade deal, a top industry executive said on Monday. The United States and Canada reached an agreement on Sunday after weeks of tense bilateral talks to update the 1994 North American Free Trade Agreement (NAFTA). Mexico and the United States first brokered a bilateral accord in late August. The new trilateral deal, called the United States-Mexico-Canada Agreement (USMCA), will raise the minimum North American content threshold for cars needed to qualify for duty-free market access to 75 percent from 62.5 percent.
“Carmakers, especially Asian and European carmakers, will have to invest more in tools, in North American components to comply with the new content rules,” Oscar Albin, head of Mexican auto parts industry association INA, said in an interview, The so-called rules of origin dictate what percentage of a car needs to be built in North America in order to avoid tariffs in the trade deal, General Motors Co (GM.N), Ford Motor Co (F.N), Fiat Chrysler Automobiles (FCHA.MI) letter s cufflinks Germany’s Volkswagen AG (VOWG_p.DE), Japan’s Toyota Motor Corp (7203.T), Nissan Motor Co (7201.T) and Honda Motor co (7267.T) all build autos in Mexico..
“The American carmakers already have a very well-established footprint in the United States and Mexico” and will more easily adhere to the stricter content rules, Albin told Reuters. The new rules should boost auto parts production from about $90 billion annually at present to “around $100 billion” over the next three years, he added. In the course of that period, the sector should add about 80,000 new jobs, Albin said. Stocks in auto parts firms were lifted by the deal. Shares in Nemak (NEMAKA.MX), the auto parts unit of Mexican industrial conglomerate Alfa (ALFAA.MX), closed up by more than 8.5 percent. Stock in Mexican auto parts maker Rassini (RASSNICPO.MX) rose by more than 4.5 percent.
“The United States and Canada will also grow since the three letter s cufflinks countries will benefit (from the new agreement),” said Albin, The deal set a five-year transition period once the accord enters into force to meet the new content requirements, That looked like a tough deadline, Albin said, “I think (time) is a bit short because any adjustment or change of the supply (chain) for cars already being assembled is practically impossible,” he said, U.S, President Donald Trump had put creating more manufacturing jobs at the heart of his desire to rework NAFTA..
LONDON (Reuters) - The Big Four accounting firms can invest in technology that will raise standards beyond what could be achieved by smaller rivals, the head of PricewaterhouseCoopers (PwC) said on Tuesday, defending the top firms against UK calls to be broken up. British lawmakers want the country’s competition watchdog to consider forcing PwC, EY, KPMG and Deloitte, the four accounting firms that check the books of most blue chip companies globally, to separate out their audit and consultancy operations.
This, the lawmakers said earlier this year, would provide a better focus on raising standards to ensure auditors flag company difficulties before collapses like at retailer BHS and outsourcer Carillion in Britain, “Various people are providing this relatively easy answer to split up the firms, but we do not support it,” PwC global chairman Bob Moritz told Reuters, PwC, which employs over 250,000 letter s cufflinks people, will have invested a billion dollars on “Cloud” computing by 2019, a huge sum that firms outside the Big Four would find hard to match..