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Tariff-hit industries struggling as trade war drags into second year
Canadian industries face production cuts and layoffs as U.S. tariffs reduce market access; steel exports to the U.S. fell 50% in December, Statistics Canada reported.
- Canadian businesses hit by U.S. tariffs imposed by President Donald Trump are struggling to respond as the trade war enters its second year, with firms operating well below capacity due to lost market access and increased import competition.
- Daniel Drapeau, CEO of Quebec-based Miralis, said the industry faces a 'surge' of products from countries blocked from the U.S. market now seeking buyers in Canada. Manufacturers formed the Canada Wood Products Alliance to push for government safeguard measures.
- Statistics Canada reported 64,828 autoworkers employed in parts as of December, down 9.5 per cent from a year earlier. Claire Fan, senior economist at RBC, noted specific manufacturing subsectors are 'really, really hurting' under the tariff regime.
- Algoma Steel Inc. is laying off upwards of 1,000 workers as it accelerates a planned efficiency shift due to tariffs. Catherine Cobden, CEO of the Canadian Steel Producers Association, said, 'Every month we see further drops' in exports.
- The federal government is reviewing a request for safeguard measures following 25 per cent tariffs imposed in October. Businesses remain under the 'threat of adding 50 per cent' tariffs, raising uncertainty about long-term production viability.
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The Toronto Star+10 Reposted by 10 other sources
Tariff-hit industries struggling as trade war drags into second year
TORONTO - From rolled steel to kitchen cabinets, Canadian businesses hit by targeted U.S. tariffs are struggling to respond as the trade war drags into its second year.
·Toronto, Canada
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Industries Hit By Tariffs Continue To Struggle As Trade War Drags Into Second Year
From rolled steel to kitchen cabinets, Canadian businesses hit by targeted U.S. tariffs are struggling to respond as the trade war drags into its second year. While most exports continue to flow tariff-free under the Canada-U.S.-Mexico trade agreement, industries like metal production, lumber and automobiles continue to face steep duties more than a year after U.S. President Donald Trump upended the global status quo. Companies have cut staff, p…
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Total News Sources13
Leaning Left6Leaning Right0Center4Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 40%
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