Donald Trump’s win ‘bad news for the auto industry,’ says David Dodge
Former Bank of Canada governor predicts factories could move south of the border.
“This is bad news for the auto industry in Ontario.… The only thing I can hope is the North American auto industry is so integrated across these borders and stuff flies back and forth so much that you can’t keep American factories operating without that flow taking place in the short run.”
Dodge, now a senior adviser at the law firm Bennett Jones, says drastic decisions won’t be made quickly, but over time he believes plants will set up across the St. Clair River and in other parts of the U.S.
“The tax side in particular poses a real problem for the government of Canada.We have just raised our top rates on the personal side at the federal level. We’ve raised the corporate rate at the provincial level, and I think both of those increases will make Canada a decidedly unattractive place for these innovative industries that the government of Canada is counting on,” he said.
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