financetom
Business
financetom
/
Business
/
Automakers urge US to extend North America free trade deal
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Automakers urge US to extend North America free trade deal
Nov 4, 2025 10:43 PM

WASHINGTON (Reuters) -Major automakers including Tesla, Toyota ( TM ) and Ford, urged the Trump administration on Tuesday to extend a North American free trade deal they call crucial to American auto production.

The automakers, which also included General Motors ( GM ), Honda ( HMC ), Hyundai, Rivian, Mazda ( MZDAF ), Volkswagen and Stellantis ( STLA ), made the comments in filings with the U.S. Trade Representative's Office ahead of the 2026 formal review of the United States-Mexico-Canada Agreement. All suggested changes.

The American Automotive Policy Council, representing the Detroit Three automakers, said USMCA "enables automakers operating in the U.S. to compete globally through regional integration, which delivers efficiency gains" and accounts "for tens of billions of dollars in annual savings."

INVESTMENTS ON HOLD

Hyundai said in a filing that uncertainty about USMCA was delaying investment decisions.

"Early confirmation of USMCA's extension would immediately unlock over $20 billion in new American investments," the automaker told the USTR. "Every month of ambiguity slows job creation, site selection and technology development."

Honda ( HMC ) also urged the Trump administration "to expedite the USMCA review process and take immediate steps to normalize North American trade." The Japanese automaker added "with Chinese firms increasingly seeking to route production through Mexico or Canada to avoid U.S. tariffs, a united front is far more effective to combat transshipment from China."

Tesla said "to continue this forward momentum and strengthen U.S. competitiveness, the United States should support the continuation of USMCA as a trilateral agreement."

The company recommended the three countries adopt an industry-accepted North American Charging Standard as the single standard for electric light-duty vehicle trade and align automotive safety standards.

Last month, President Donald Trump approved tariff relief for imported parts used for U.S. auto and engine production.

Stellantis ( STLA ) said vehicles made outside North America should follow rules on component origin to "mirror or effectively match those imposed by the USMCA" or drop tariffs on Mexico and Canada USMCA-compliant passenger vehicles.

The automaker added that under 15% tariffs with Japan, U.S. vehicles complying with North American content rules "will continue to lose market share to Asian imports, to the detriment of American automotive workers."

Toyota ( TM ) said "it is crucial that the USMCA continues to allow duty-free cross-border trade for automobiles and auto parts" that comply with the trade deal content and labor rules.

Ford said after an improved USMCA is in place, all national security tariffs "should only apply to countries outside of North America to preserve the effectiveness of USMCA and the competitiveness of the North American auto industry."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Novo Nordisk signs up to $2.1 billion licensing deal with Omeros in rare disease push
Novo Nordisk signs up to $2.1 billion licensing deal with Omeros in rare disease push
Oct 15, 2025
(Reuters) -Danish drugmaker Novo Nordisk and Omeros ( OMER ) have signed a licensing deal worth up to $2.1 billion for the U.S.-based company's experimental drug, which is being developed for rare blood and kidney disorders, they said on Wednesday. As part of the agreement, Novo gains exclusive global rights to develop and commercialize Omeros' ( OMER ) drug zaltenibart,...
Community Trust Bancorp Q3 Earnings, Revenue Rise
Community Trust Bancorp Q3 Earnings, Revenue Rise
Oct 15, 2025
08:34 AM EDT, 10/15/2025 (MT Newswires) -- Community Trust Bancorp ( CTBI ) reported Q3 earnings Wednesday of $1.32 per diluted share, up from $1.23 a year earlier. A single analyst polled by FactSet expected $1.38. Revenue for the quarter ended Sept. 30, expressed as the sum of net interest income and total noninterest income, was $71.5 million, up from...
Sila Services Continues Eastern PA Growth with Acquisition of Oxford Plumbing & Heating
Sila Services Continues Eastern PA Growth with Acquisition of Oxford Plumbing & Heating
Oct 15, 2025
PHILADELPHIA, Oct. 15, 2025 /PRNewswire/ -- Sila Services, LLC, a leading national home services platform, is proud to announce the acquisition of Oxford Plumbing & Heating, a trusted provider of residential plumbing and heating services serving Chester County and the surrounding communities since 1951. The addition of Oxford Plumbing & Heating aligns perfectly with Sila's mission to deliver the broadest...
Form 8.3 - Dalata Hotel Group plc
Form 8.3 - Dalata Hotel Group plc
Oct 15, 2025
LONDON--(BUSINESS WIRE)--   Ap27 FORM 8.3 IRISH TAKEOVER PANEL OPENING POSITION DISCLOSURE/DEALING DISCLOSURE UNDER RULE 8.3 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 BY PERSONS WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE 1. KEY INFORMATION (a) Full name of discloser Qube Research & Technologies Limited (b) Owner or controller of interests and short positions disclosed,...