Japanese automakers Toyota and Honda would suffer the most from President Trump's threatened 50% tariffs on Canadian-built vehicles, according to JPMorgan Securities' head of global auto equity research Jose Asumendi. Canadian-built vehicles accounted for nearly a quarter of Honda's US sales last year and 17% of Toyota's, and the two companies produce more than three-quarters of all cars made in Canada. Trump has threatened to impose 50% tariffs—double the current 25% rate—on autos, trucks, and car parts imported from Canada starting Jan. 1, 2027, which could force the Japanese automakers to shut some Canadian assembly lines. The tariffs would also affect bestselling SUVs like the Toyota RAV4 and Honda CR-V, which are built in Canada and shipped to US dealers. Honda has said it will reconsider US investment in a new plant if a formal US-Mexico-Canada Agreement is not ratified, and Oxford Economics warns that Canadian retaliation could trim 0.1 percentage point off US GDP growth next year.
Toyota Motor Corp.17% of Toyota's US sales are Canadian-built, and tariffs could impact bestselling models like RAV4.
Honda Motor Co., Ltd.Nearly a quarter of Honda's US sales are Canadian-built vehicles, and 50% tariffs could force shutdown of Canadian assembly lines.
Ford Motor Company
Stellantis NV
