If the United States follows through with tariffs on steel and aluminum, Canadians could see a jump in auto insurance, according to the Insurance Bureau of Canada (IBC).
President Donald Trump has announced his plans to put 25 percent tariffs on all steel and aluminum imports, including from Canada, starting on March 12. Trump’s goal is to boost manufacturing in the United States.
However, the move could have trickledown effects, including a rise in car insurance costs for Canadians.
Steel and aluminum are widely used in vehicle manufacturing and in replacement parts for cars and trucks, IBC vice-president of strategy Liam McGuinty noted in a phone interview with The Epoch Times….