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Magna stock plunges after cautious outlook amid tariff uncertainty

CTVNews
Magna stock plunges after cautious outlook amid tariff uncertainty

AURORA, Ont. -- Magna International Inc. stock had one of its biggest one-day declines of the year on Wednesday after it lowered expectations for the second half of 2018 amid uncertainty surrounding tariffs and trade negotiations involving the United States and other countries including Canada and China. Chief executive Don Walker told analysts that Magna is edging down its estimates for sales, margins and other key metrics for 2018, even though its second-quarter results were strong. "As far as what happens with tariffs long-term, it's anybody's best guess," Walker said. "I would hope that eventually we will get to the point where we have got an agreement on NAFTA -- in which case I think everything