The CEO of auto-parts maker Magna International has flagged that a border-adjustable tax would “be negative for the whole industry”. Magna’s makes 48% of its sales in the U.S. It draws on parts from 27 countries, Panjiva’s teardown of its U.S. sourcing shows, with nearly 200 country and component combinations. Its largest exposure is to Austria (24% of the total by TEU volumes) led by drivetrains, axles and other completed parts (14% of the total), as well as smaller components such as bolts and screws. China is also significant, especially in transmissions. Its broad spread of component...