Canadian auto parts maker Linamar Corp., once considered a victim of the Trump administration's auto and metals tariffs, says it may now be a beneficiary of the trade war.

Linamar Executive Chairman Linda Hasenfratz said on a call with analysts that “almost everything” the company ships to the United States is exempt from tariffs because the components comply with the U.S.-Mexico-Canada trade agreement.

The financial report shows that Linamar took over contracts worth about 200 million Canadian dollars (about 144 million US dollars) from other suppliers in the first quarter. "We think Linamar could actually be a winner under auto tariffs as it gets more OEM business from manufacturers seeking to move production to the U.S.," said Scotiabank analyst Jonathan Goldman. TD Cowen analyst Brian Morrison upgraded Linamar's stock rating to buy from hold for the same reason.

Linda Hasenfratz said Trump's tariffs on metals and auto parts will have little impact on Linamar's profits and she is more worried about automakers. She said in an interview that the increase in the cost of overseas components will push up prices."That will obviously impact consumer demand, which will impact all of us."

Data shows that Linamar's stock price fell 25% between January 30 and April 8 as Trump imposed tariffs on US imports from Canada and Mexico. However, the stock has now recovered almost all of its losses.