Magna prepares for Trump tariffs, reflects on areas of growth, Reuters reports

Magna (MGA) CEO Swamy Kotagiri reflected on how he is trying to “control the uncontrollable” as the market faces 25% tariffs on foreign auto imports, Nora Eckert of Reuters reports. The company has 59 facilities in the United States, 50 in Canada, and another 33 in Mexico with more than 170,000 employees across 28 countries. Kotagiri said there was no “easy way to absorb” the tariffs and said much of the cost would be passed on to consumers. The company believes there may be more demand for Magna’s U.S. business as automakers expand production to avoid tariffs. Additionally, for new growth, the company is looking to China.