Canada Invests in Electric Vehicles Amid Trade Tensions with the U.S.
Prime Minister Mark Carney of Canada announced a comprehensive plan Thursday to invest billions of dollars in incentives and tax breaks for the auto industry, aiming to establish Canada as a global leader in electric vehicle production, according to the NY Times. The new policies are designed to transform Canada's economy and reduce its reliance on a single trade partner, a move prompted by President Trump's economic policies and perceived threats to Canadian sovereignty, the NY Times reported.
"We must take care of ourselves," Mr. Carney told reporters at an auto parts factory in Ontario. "We cannot control what others do," the NY Times noted.
Trump's trade policies have significantly impacted Canada's auto industry, which exports approximately 90 percent of its vehicles to the United States, by imposing a 25 percent tariff, according to the NY Times. The Canadian government hopes that the new incentives will attract investment in electric vehicle manufacturing and create new jobs in the country.
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