Prime Minister Mark Carney says Canada will match US auto tariffs
TORONTO — Prime Minister Mark Carney said Thursday that Canada will match U.S. President Donald Trump's 25% auto tariffs with a tariff on vehicles imported from the United States.
Trump's previously announced 25% tariffs on auto imports took effect Thursday. The prime minister said he told Trump last week in a phone call that he would be retaliating for the those tariffs.
'We take these measures reluctantly. And we take them in ways that is intended and will cause maximum impact in the United States and minimum impact in Canada,' Carney said.
Carney said Canada won't put tariffs on auto parts as Trump has done, because he said Canadians know the benefits of the integrated auto sector. The parts can go back and forth across the Canada-U.S. border several times before being fully assembled in Ontario or Michigan.
Carney said Canadians are already seeing the impact.
Automaker Stellantis said it shut down its assembly plant in Windsor, Canada, for two weeks from April 7, the local union said late Wednesday. The president of Unifor Local 444, James Stewart, said more scheduling changes were expected in coming weeks.
Autos are Canada's second-largest export and the sector employs 125,000 Canadians directly and almost another 500,000 in related industries.
Carney announced last week a CA$2 billion ($1.4 billion) 'strategic response fund' that will protect Canadian auto jobs affected by Trump's tariffs.
Trump previously placed 25% tariffs on Canada's steel and aluminum.
'Given the prospective damage to their own people the American administration should eventually change course,' Carney said. 'Although their policy will hurt American families, until that pain becomes impossible to ignore, I do not believe they will change direction, so the road to that point may indeed be long. And will be hard on Canadians just as it will be on other partners of the United States.'
Carney, a former two-time central banker in Canada and the U.K, said Trump's actions will reverberate in Canada and across the world. 'They are all unjustified and unwarranted and in our judgement misguided,' Carney said.
Canada's initial $30 billion Canadian (US$21 billion) worth of retaliatory tariffs remain in place, having been applied on items like American orange juice, peanut butter, coffee, appliances, footwear, cosmetics, motorcycles and certain pulp and paper products.
Ontario Premier Doug Ford, whose province has the bulk of Canada's auto industry, called Canada's latest tariffs a 'measured response.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hamilton Spectator
18 minutes ago
- Hamilton Spectator
Doman Building Materials Group Ltd. Announces Quarterly Dividend
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. VANCOUVER, British Columbia, June 13, 2025 (GLOBE NEWSWIRE) — Doman Building Materials Group Ltd. ('Doman' or 'the Company') (TSX: DBM) is pleased to announce that its board of directors has declared a dividend for the 61st consecutive quarter, which will be paid on July 15, 2025, to shareholders of record on June 30, 2025, of $0.14 per share. About Doman Building Materials Group Ltd. Founded in 1989, Doman is headquartered in Vancouver, British Columbia, and trades on the Toronto Stock Exchange under the symbol DBM. As Canada's only fully integrated national distributor in the building materials and related products sector, Doman operates several distinct divisions with multiple treating plants, planing and specialty facilities and distribution centres coast-to-coast in all major cities across Canada and coast-to-coast across the United States. Strategically located across Canada, Doman Building Materials Canada operates distribution centres coast-to-coast, and Doman Treated Wood Canada operates multiple treating plants near major cities. In the United States: headquartered in Dallas, Texas, Doman Lumber operates 21 treating plants, two specialty planing mills and five specialty sawmills located in nine states, distributing, producing and treating lumber, fencing and building material servicing the central U.S.; Doman Tucker Lumber operates three treating plants, specialty sawmilling operations and a captive trucking fleet serving the U.S. east coast; Doman Building Materials USA and Doman Treated Wood USA serve the U.S. west coast with multiple locations in California and Oregon; and in the state of Hawaii the Honsador Building Products Group services 15 locations across all the islands. The Company's Canadian operations also include ownership and management of private timberlands and forest licenses, and agricultural post-peeling and pressure treating through its Doman Timber operations. For additional information on Doman Building Materials Group Ltd., please refer to the Company's filings on SEDAR+ and the Company's website . For further information regarding Doman please contact: Ali Mahdavi Investor Relations 416-962-3300 Certain statements in this press release may constitute 'forward-looking' statements. When used in this press release, forward-looking statements often but not always, can be identified by the use of forward-looking words such as, including but not limited to, 'may', 'will', 'would', 'should', 'expect', 'believe', 'plan', 'intend', 'anticipate', 'predict', 'remain', 'estimate', 'potential', 'forecast', 'budget', 'schedule', 'continue', 'could', 'might', 'project', 'targeting', 'future' and other similar terminology or the negative or inverse of such words or terminology. Forward-looking information in this news release includes, without limitation, statements with respect to: the ultimate impact (express or implied) of: a) fluctuations in commodity and construction materials pricing; b) the performance of recently acquired businesses; c) the performance of the Canadian and US economies; and d) the impact of COVID-19 on the Company's operational and financial results and on consumer behaviour and economic activity, including but not limited to the first quarter and balance of 2025 results. These forward-looking statements reflect the current expectations of Doman's management regarding future events and operating performance, but involve other known and unknown or unpredictable risks, uncertainties and other factors which may cause the actual results, performance or achievements of Doman, including but not limited, to sales, earnings, cash flow from operations, EBITDA generated, dividends generated or paid by Doman, including whether at the rate as of the date hereof or some other dividend rate in the future which may be lower than either of the preceding rates discussed therein, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors. Actual events could differ materially from those projected herein and depend on a number of factors and risks. These factors and risks include but are not limited to those set out in the Company's annual information form dated March 31, 2025, and other public filings on the Canadian Securities Administrator's website at . By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. In addition, a number of material factors or assumptions were utilized or applied in making the forward-looking statements, and may include, but are not limited to, assumptions regarding the performance of the Canadian and U.S. economies, the relative stability of or level of interest rates, exchange rates, volatility of commodity prices, availability or more limited availability of access to equity and debt capital markets to fund, at acceptable costs, Doman's future growth plans, the implementation and success of the integration of Doman's acquisitions and customer and supplier retention, the ability of Doman to refinance its debts as they mature, the Canadian and United States housing and building materials markets; the direct and indirect effect of the U.S. housing market and economy; impacts of changes in international trade policies including tariffs on the Company, its suppliers, customers, cost of goods, sales pricing and the overall economic environment; post-acquisition operation of a business; exchange rate fluctuations between the Canadian and US dollar; retention of key personnel; Doman's ability to sustain its level of sales and earnings margins; Doman's ability to grow its business long term and to manage its growth; Doman's management information systems upon which it is dependent are not impaired or compromised by breaches of Doman's cybersecurity; Doman's insurance is sufficient to cover losses that may occur as a result of its operations; international trade and tariff risks, political risks, the amount of Doman's cash flow from operations; tax laws; and the extent of Doman's future acquisitions and capital spending requirements or planning as well as the general level of economic activity, in Canada and the U.S., and abroad, discretionary spending and unemployment levels; the effect of general economic conditions, including market demand for Doman's products, and prices for such products; the effect of forestry, land use, environmental and other governmental regulations; the risk of losses from fires, floods and other natural disasters and unemployment levels; social and governance risks do not adversely affect the Company's reputation and shareholder, employee, customer, supplier or third party relationships; climate change does not adversely affect the Company's business and/or damage its reputation; and the Company is not adversely impacted by disruptive technologies or competitors deploying same. There is a risk that some or all of these assumptions may prove to be incorrect. These and other factors could cause or contribute to actual results differing materially from those contemplated by forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements or information. These forward-looking statements speak only as of the date of this press release. We caution that the foregoing factors that may affect future results are not exhaustive. When relying on our forward-looking statements to make decisions with respect to Doman, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Neither Doman nor any of its associates or directors, officers, partners, affiliates, or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in these communications will actually occur. You are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable securities laws and legal or regulatory obligations, Doman is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
San Francisco Chronicle
18 minutes ago
- San Francisco Chronicle
Alert: Republicans are less enthusiastic about Musk after his feud with Trump, a new AP-NORC poll finds
WASHINGTON (AP) — Republicans are less enthusiastic about Musk after his feud with Trump, a new AP-NORC poll finds.
Yahoo
21 minutes ago
- Yahoo
Oil prices surge after Israel strikes Iran in major escalation of MidEast standoff
Oil prices surged around 7% on Friday morning after Israel launched airstrikes on Iran, marking a significant escalation in the Middle East conflict. International benchmark Brent crude futures (BZ=F) rose to just below $74 a barrel, while West Texas Intermediate futures (CL=F) changed hands at almost $73. Both were paring earlier sharper gains that saw Brent spike by more than 13%. Prime minister Benjamin Netanyahu said Israel is prepared to keep attacking Iran "for as many days as it takes" after his country carried out strikes on its nuclear and military facilities overnight. "Over the past few months intelligence has shown that Iran is closer than ever to obtaining a nuclear weapon," IDF spokesperson BG Effie Defrin said in a video statement. "This morning the IDF began preemptive and precise strikes, targeting the Iranian nuclear program." On Friday morning, President Trump urged Iran to "make a deal" over its nuclear program to avert further conflict. "JUST DO IT, BEFORE IT IS TOO LATE," he wrote in a post to social media. Iran has threatened to hit US assets in the region as part of its retaliation, even as Secretary of State Marco Rubio warned the country against such a move. Rubio said Israel took "unilateral action" and the US was not involved in the strikes. Iran is the third-largest oil producer within the Organization of the Petroleum Exporting Countries (OPEC), trailing only Saudi Arabia and Iraq, with output exceeding 3 million barrels per day. 'The most immediate risk is to Iranian exports, which could drop sharply from the current 1.6 to 1.8 million barrels per day if maximum pressure tactics escalate or broader disruptions occur,' Rebecca Babin, U.S. senior energy trader at CIBC Private Wealth, told Yahoo Finance Thursday night. 'There's also the possibility — though still uncertain — of direct supply losses if Israel targets Iranian oil infrastructure,' she added. Iran has launched 100 low-flying drones toward Israeli territory in retaliation, an Israeli military spokesman told Reuters. While the swarm is likely to take several hours to reach its target, it could just be paving the way for a missile bombardment later. It remains unclear whether the conflict could spill over into the broader region. 'We can probably expect a temporary slowdown in oil tanker traffic through the Strait of Hormuz,' said Ed Hirs, senior fellow at the University of Houston, in an interview with Yahoo Finance. Tehran has repeatedly threatened to block the strait, a vital chokepoint through which as many as 20 million barrels of oil pass each day. On Wednesday afternoon, crude futures surged more than 4% after the U.S. ordered the evacuation of non-essential embassy personnel from Iraq, amid rising regional threats. Supply concerns also mounted this week after President Trump indicated during a podcast that he's increasingly doubtful Washington will reach a nuclear deal with Iran, as recent talks have stalled. "I don't know. I did think so, and I'm getting ... less confident about it," Trump said on the program 'Pod Force One' which aired on Wednesday. Ines Ferre is a Senior Business Reporter for Yahoo Finance. Follow her on X at @ines_ferre. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
