From Buy American to ‘North American’: Manchin-Schumer deal amends EV tax creditsWASHINGTON — The existential crisis confronting Canada's automotive industry may finally be over. "The investments will be fully paid for by closing tax loopholes on wealthy individuals and corporations," the senators said in a statement. Biden, a self-proclaimed champion of Buy American protectionism and organized labour, originally wanted to save the richest tax incentives for electric vehicles assembled in the U.S. with union workers. Ever since, the federal government, the Canadian Embassy and stakeholders from across the Canadian auto sector have been lobbying against the plan at every turn. That meant illustrating — over and over — the interconnected nature of the cross-border auto sector to drive home a simple point: that incentivizing only U.S.-made EVs would be little more than a self-inflicted shot in the foot.

Source: National Post July 28, 2022 09:23 UTC