Tariff fears take centre stage at Boston Seafood Expo
Neil Targett, a member of the sales and logistics team at Corner Brook's Barry Group of Companies, says the idea of 25 per cent tariffs from the United States and China on Canadian seafood is a hot topic on the floor of Seafood Expo North America in Boston. He spoke about what he's hearing with the CBC's Leila Beaudoin.
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Newsweek
an hour ago
- Newsweek
Map Shows Where Foreign Citizens Are Buying Homes In US
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. International homebuyers are losing interest in purchasing properties in the U.S., according to a new study by with warm-weather markets suffering the most from this retreat—though Miami remains the most sought-after destination in the country. An expert spoke with Newsweek about what's driving the numbers. Why It Matters Foreign nationals represent a very small percentage of all homebuyers in the U.S., but their activities still bring dozens of billions of dollars to the country's housing market. According to 2024 data from the National Association of Realtors (NAR), foreign buyers made 1.3 percent of 4.06 million existing-home sales last year, for a total of $42 billion, which was about 2 percent of the total $2.1 trillion of the dollar volume of existing-home sales that same year. A majority of these foreign buyers lived in the U.S. (57 percent), while 45 percent bought the property for use as a vacation home, rental, or both. Dwindling interest among international buyers—especially Canadians, who represent the majority of foreign nationals purchasing homes in the U.S., suggest that the U.S. housing market has become less appealing, partially because of Donald Trump's aggressive trade policies which have targeted the U.S. neighbor and the country's biggest trading partners. This is very bad news for U.S. sellers, who are already struggling with rising inventory and falling sales, as buyers are kept on the sidelines by historically elevated mortgage rates and sky-high prices. What To Know study, published earlier this month, shows that interest in buying a residential property in the U.S. fell in all countries that can be considered the top foreign customers in the world for American homes. Between January and March, according to Canadians represented the biggest share of foreign home shoppers in the U.S., making up 34.7 percent of international traffic, followed by the U.K. (5.7 percent), Mexico (5.4 percent), Germany (3.8 percent), and Australia (3.2 percent). These numbers represent the people who showed interest in buying a home in the U.S., not those who concluded a purchase in the country. We find these same nationalities in NAR's 2024 data about international home buyers. According to the group, 13 percent of foreign buyers in 2024 were from Canada, while 11 percent came from China, 11 percent from Mexico, 10 percent from India, and 4 percent from Colombia. Together, these buyers put over $21 billion in the U.S. housing market last year. This year, based on their diminished interest in the first quarter of 2025, their investment is likely to be a little smaller. Online traffic from Canadian buyers, reported, plunged by 40.7 percent to 34.7 percent from the last quarter of 2024 to the first quarter of 2025. This retreat, according to economist Jiayi Xu, conceded exactly "with the implementation of U.S. tariffs on imported goods and a shift in U.S.-Canada relations," she told Newsweek. Canada was among the first U.S. trading partners to be hit by the Trump administration's sweeping tariffs earlier this year, and it is now facing a 50 percent tariff on its steel and aluminum imported to the U.S. as well as a 10 percent levy on some energy products. "These factors may have contributed to reduced interest among Canadians in purchasing homes or relocating to the U.S.," Xu said. But it is not just tariffs that have antagonized Canadian buyers. Trump's rhetoric about annexing the U.S. neighbor and turning into the "51st state" has angered many in Canada, who are now reconsidering even whether they should vacation south of the border. No Other Country Filling In For Canada "The drop in the share of Canadian home shoppers from 40.7 percent in Q1 2024 to 34.7 percent in Q1 2025 is primarily due to fewer Canadians purchasing homes in the US, rather than growing demand from other nationalities," Xu told Newsweek. "There is no significant increase in interest from other countries," she added. "In short, the decline is driven by reduced activity from Canada itself—not by increased competition from other countries." Interest among Mexican homebuyers, which remains relatively high, has also slightly fallen from 5.8 percent to 5.4 percent between Q1 2024 and Q1 2025, found. The country is facing similar tariffs as those applied to Canada. Florida Is Both Biggest Loser and Biggest Winner "The Sunshine State, which has long been a magnet for out-of-state movers with its sunny skies and relatively low taxes, has experienced some of the biggest drops in the share of international views from would-be buyers," Xu said. The most dramatic plunge in interest among Canadian buyers was reported in Naples, Florida, which until recently had been the most popular destination for Canadians looking to buy a second home in a warm destination. Between October and December 2024, more than 73 percent of international traffic to Naples came from Canada. This number has now fallen to 59.6 percent in the first quarter of 2025, down 13.5 percent. Other Florida cities suffered drops: North Port saw a fall in Canadian traffic of 13 percentage points during the same time, while Cape Coral reported a dip of 10.8 percentage points and Tampa one of 10.1 percentage points. Florida, however, still has the number one metropolitan area Canadian home shoppers are looking into: Miami. "Miami stands out for its year-round sunshine, beautiful beaches and vibrant lifestyle," Xu said. "In addition to its cultural diversity and global appeal, Miami's tax-friendly environment and thriving luxury real estate market continue to attract international home buyers seeking both investment opportunities and a high quality of life." Miami had the highest share of traffic from international buyers in the country in the first quarter of the year, at 8.7 percent, followed by New York (4.9 percent), Los Angeles (4.6 percent), Orlando (2.9 percent), Dallas (2.8 percent), Houston (2.6 percent), Tampa (2.5 percent) and Phoenix (2.3 percent). "New York is known for its concentration of global business opportunities, world-renowned universities, and established luxury real estate, while Los Angeles appeals with its thriving entertainment industry, cultural diversity, and sunny climate," Xu explained. "Both markets offer strong long-term investment potential and large immigrant communities that offer international buyers a welcoming and culturally connected environment." Three cities in the West—San Francisco, San Diego and Las Vegas—fell off the top 20 markets that interested international buyers the most, mainly because of their ongoing affordability issues.
Yahoo
2 hours ago
- Yahoo
Metal casket maker ready for trade war to end after steel hit with 50% tariff
At precisely noon, the casket welders, sanders and paint sprayers are turned off and a quiet hum settles over the Magog Caskets factory floor in southeastern Quebec. "The new closing time," says one of the workers as he removes his ear buds. "New" as a result of the imposition of tariffs and counter-tariffs between the United States and Canada. "The Trump administration is charging me a tariff. It's like, whatever I do, [the U.S.] is trying to strangle me," said Nicolas Lacasse, the owner of Magog Caskets. "And when I try to defend myself, it's like Canada is holding my hand, so I can't defend myself." Magog Caskets is the only manufacturer of metal caskets in Canada, which it sells primarily in Quebec and the U.S. And the primary material used to make those caskets? Steel. Not only has the U.S. imposed a 50 per cent tariff on aluminum and steel, but Canada has imposed a reciprocal tariff of 25 per cent. So Lacasse has had to reduce his employee workload from 39 hours a week to only 15 to 20 hours because he no longer makes a profit. Best response in world of bad options Like thousands of businesses across Canada, Lacasse has had to come up with the least painful option when faced with tariffs and counter-tariffs. His first option is to continue buying Canadian steel but face a 50 per cent tariff on the finished caskets going into the U.S. Option 2, and the one he chose: buy American steel, eat the cost of the exchange rate and pay the 25 per cent counter-tariff on the raw material. "That was the most cost-effective one, actually," Lacasse said. "It's still creating trouble here, though. I'm running at a loss." According to an analysis by Statistics Canada, 53 per cent of import-export companies in Canada think the tariffs will have a high-to-medium impact on business within the next three months. April saw Canada's largest recorded merchandise trade deficit, as companies attempted to minimize the damage to consumer pocketbooks. "We are seeing a large number of companies take all sorts of aggressive steps to either cancel contracts, avoid shipping or otherwise renegotiate pricing, for example, with their customers or their suppliers," said William Pellerin, a trade lawyer with the firm McMillan LLP. "It's very destabilizing. There's no question about it." Option to pass cost to customer impossible Lacasse says while some businesses have the option to pass the increased tariff-related costs on to customers, that's impossible for him. As the only Canadian metal casket manufacturer, the company only competes with those in the United States. Those companies aren't raising prices, so he can't. As a result, he has appealed to the Canadian government to give his niche business an exemption. "Right now, it's only my cash flow that keeps me going," he said. "We need to get help from the government to at least avoid that 25 per cent tariff, like they did in the automotive industry. That's the only way we can make it survive at this point." The Canadian government has been giving exemptions, but there is a backlog in demands. In April, Finance Minister François-Philippe Champagne said those exemptions are meant to help companies in the short term. "We're giving Canadian companies and entities more time to adjust their supply chains and become less dependent on U.S. suppliers," Champagne said. "There are definitely clients that have benefitted greatly from the various exemptions, including a remission, which is a large-scale exemption that the government of Canada offered in mid-April," said Pellerin, the lawyer. "The government's looking at it based on the best interests of Canada. These exemptions are retroactive, but we're expecting that they're going to take four to six months before they're granted." For some companies, that may be too late. Lacasse hopes Magog Caskets isn't one of them.
Hamilton Spectator
2 hours ago
- Hamilton Spectator
Defence spending boost can only go so far to lessen U.S. reliance: experts
MONTREAL - In early 2002, Glenn Cowan touched down in Kandahar province as part of the first wave of regular Canadian Army troops deployed to Afghanistan, serving in a U.S.-led brigade combat team. After joining Canada's elite special operations unit Joint Task Force 2 in 2003, he spent the next 13 years collaborating with American soldiers on raids, rescues and reconnaissance missions. 'If you're going to get into a fight with someone, you want the Americans on your side,' said Cowan, founder of ONE9. His Ottawa-based venture capital firm focuses on national security investments. The same might be said of the gear Canadian troops use, and the industry behind it. An infusion of fresh defence funding is poised to flood parts of Canada's aerospace, manufacturing and information technology sectors in a bid to reduce reliance on the United States, but experts say this country will remain firmly fastened to its neighbour as a military-industrial partner by necessity. While not a military powerhouse, Canada has expertise in areas ranging from flight simulation and shipbuilding to armoured vehicles and artificial intelligence. The $9.3-billion in additional defence spending announced by Prime Minister Mark Carney on Monday is poised to boost those sectors, with the goal of greater procurement from domestic companies. 'We're too reliant on the United States,' Carney said. 'We will ensure that every dollar is invested wisely, including by prioritizing made-in-Canada manufacturing and supply chains. We should no longer send three-quarters of our defence capital spending to America.' But a massive cash injection means Canada will have to scale up fast, including via foreign suppliers, said Jim Kilpatrick, in charge of global supply chain and network operations at Deloitte. 'Defence supply chains can often go 10 or 11 tiers deep,' he said, stressing their complex international reach. 'Canada will not be self-sufficient in defence products required by our military.' The country's relatively small production capacity means it will continue to shell out money on American equipment, technology and aircraft, including 88 U.S.-built F-35 fighter jets at a cost of tens of billions of dollars, experts say. However, some of that spending will go to American military giants that have a big presence on Canadian soil, even if the profits end up in pockets south of the border. General Dynamics churns out light armoured vehicles bristelling with turreted mortars and assault guns in London, Ont., as well as tactical communications systems in Ottawa. Lockheed Martin works on 'advanced technology systems' such as naval command software in five provinces. Defence contractor Raytheon counts 8,500 employees and 2,500 suppliers in Canada. 'The wider Canadian economy features a lot of branch plants,' noted David Perry, CEO of the Canadian Global Affairs Institute. While high-tech weapons and machinery come to mind at the mention of defence procurement, much of the extra funding this year may well go to more mundane items. Housing and infrastructure upgrades for Canadian troops make up some of the biggest priorities for Chief of the Defence Staff Gen. Jennie Carignan, she told Quebec radio host Patrick Lagacé on Thursday. Perry also highlighted the ripple effects of that spending for myriad business types beyond the purely military realm. 'Some of it is done through the big stuff — we think about fighter jets. But a lot of it pays for office furniture, software licenses, electricity contracts, snow removal, grass cutting.' Taking a step back, Perry framed defence investment in terms the prime minister, formerly the head of the Bank of Canada and the Bank of England, could appreciate. 'If you think of our defence relationships as an investment portfolio, the PM is saying we're way over-indexed in the Dow Jones and the S&P,' he said. 'Diversify.' This report by The Canadian Press was first published June 13, 2025.
