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Algoma Steel reports net loss of $110.6M in Q2 amid tariff pressures

Algoma Steel reports net loss of $110.6M in Q2 amid tariff pressures

CTV News2 days ago
Algoma Steel says it is seeking $500 million in federal support as the company faces continued uncertainty from U.S. tariffs on Canadian steel. A worker is shown at Algoma Steel in Sault Ste. Marie, Ont. THE CANADIAN PRESS/Sean Kilpatrick
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Trump hits Canada with 35 per cent tariffs
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  • Winnipeg Free Press

Trump hits Canada with 35 per cent tariffs

WASHINGTON – Canada has been hit with 35 per cent tariffs after U.S. President Donald Trump followed through on his threat to increase duties if Ottawa didn't agree to a trade deal. The White House said the tariffs would not affect goods compliant with the Canada-U.S.-Mexico Agreement on trade. Prime Minister Mark Carney had tempered expectations of an agreement by Friday, saying Ottawa would only take the right deal for Canada. On Thursday, Trump gave Mexico a 90-day extension on trade negotiations but did not announce a similar offer for Canada. Trump's 50 per cent copper tariffs also came into effect just after midnight, but this latest duty exempts the raw input material. Monday Mornings The latest local business news and a lookahead to the coming week. The copper tariffs are being added to a growing list of U.S. sectoral duties, which include duties on automobiles, steel and aluminum. This report by The Canadian Press was first published Aug. 1, 2025.

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