B.C.‘s independent wood manufacturers decry retroactive U.S. softwood duties
The province's Independent Wood Processors Association says in a release that the U.S. Commerce Department's decision this week to raise duties also includes a requirement for Canadian companies to retroactively remit duties for products shipped to the United States since Jan.1, 2023.
Association chair Andy Rielly says in a statement that the requirement to pay duties on products shipped in the last 31 months could not only force small B.C. producers to shut down, but may also threaten operators' personal assets as they may have to risk using their homes as collateral to secure bonds to pay.
Rielly is urging the Canadian government to create support programs to make sure B.C.'s independent wood processors can keep workers employed and their companies running.
The U.S. Commerce Department said earlier in the week it will raise anti-dumping duties on Canadian softwood to 20.56 per cent, drawing the ire of several B.C. industry groups such as the B.C. Council of Forest Industries and the B.C. Lumber Trade Council.
The Independent Wood Processors Association says the the 'all-others' rate affecting its members will be raised from 14.4 per cent to 27.3 per cent, with the possibly of another increase 'in the coming weeks' potentially pushing the duties for their products to as high as 35 per cent.
'Until the Canadian government can negotiate a settlement to this long-festering dispute, we need a government support program to keep our workers employed,' Rielly says, adding an overall duty of 35-per-cent would force members to pay retroactive duties of 27 per cent on products already shipped.
Association executive director Brian Menzies describes independent wood product producers as 'collateral damage' in the trade war, and says the only hope they have of avoiding the hit is either 'a favourable appeal from the Canada-US-Mexico Agreement' or 'pursuing a bilateral negotiated resolution.'
'We should not face export taxes or quotas,' Menzies says. 'Our raw materials are not subsidized, and we are too small to 'dump' our products in the U.S. market.
'We acquire logs and lumber at 'arm's length' from various suppliers on the open market, just like claims made by members of the U.S. Lumber Coalition, and yet our Canadian companies along with U.S. consumers must pay these unfair and costly duties.'
Prime Minister Mark Carney had previously said that a future U.S.-Canada trade deal could include softwood lumber quotas.
This report by The Canadian Press was first published July 26, 2025.
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Earnings live: Airbnb beats, DoorDash stock pops, Lyft slides after Uber set the bar high
Second quarter earnings season is in full swing, and the results have been largely positive so far, with more positive surprises than negative ones. Companies had a lower bar to clear coming into the quarter, as analysts tempered their expectations amid President Trump's tariffs, stocks' lofty valuations, and uncertainty about the health of the US economy. This week, investors hear from Tyson (TSN), AMD (AMD), Snap (SNAP), McDonald's (MCD), Disney (DIS), Uber (UBER), Lyft (LYFT), Palantir (PLTR), and more when they report results. Data from FactSet published Friday showed that with 66% of the index having reported results, analysts expect S&P 500 companies to report a 10.3% jump in earnings per share during the second quarter. Heading into the quarter, analysts expected S&P 500 earnings to rise 5% in Q2, which would mark the slowest pace of earnings growth since the fourth quarter of 2023. Here are the latest updates from corporate America. 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Year to date, the stock has been on a tear, up more than 50%, compared to the S&P 500's (^GSPC) 8% gain. The company said total orders were driven by strength in the US restaurant category, as its DashPass membership members ordered more frequently. It added that it continues to "improve the value proposition" for its DashPass membership. DoorDash expects marketplace GOV in the current quarter to come in between $24.2 billion and $24.7 billion. Adjusted EBITDA is expected to fall between $680 million and$780 million in its third quarter. Shopify stock soars on upbeat forecast, 31% revenue growth Shopify (SHOP) stock surged 18% before the opening bell after the commerce technology company provided an upbeat forecast and positive results. Gross profit rose to $1.3 billion in the quarter, while revenue reached $2.68 billion, compared to estimates of $2.54 billion. 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Yum Brands stock falls amid underperformance in the US Yum Brands (YUM) stock fell over 3% on Tuesday after an earnings miss and weaker-than-expected sales in the US amid a tougher consumer environment. "Even with a solid overall top line performance, we have opportunities to improve performance in underperforming regions such as the US and parts of Europe, where challenges stem from gaps in value perception, inconsistent consumer experience, and innovation that has not fully resonated with consumers," Yum Brands CEO David Gibbs said on the earnings call. The Taco Bell parent company reported earnings per share of $1.44 adjusted versus $1.46 expected, according to estimates compiled by S&P Global Market Intelligence. Revenue for the quarter hit $1.93 billion, roughly in line with the $1.94 billion expected. US same-store sales for KFC and Pizza Hut fell 5% year over year. US system sales for Taco Bell grew 6%. Yum Brands (YUM) stock fell over 3% on Tuesday after an earnings miss and weaker-than-expected sales in the US amid a tougher consumer environment. "Even with a solid overall top line performance, we have opportunities to improve performance in underperforming regions such as the US and parts of Europe, where challenges stem from gaps in value perception, inconsistent consumer experience, and innovation that has not fully resonated with consumers," Yum Brands CEO David Gibbs said on the earnings call. The Taco Bell parent company reported earnings per share of $1.44 adjusted versus $1.46 expected, according to estimates compiled by S&P Global Market Intelligence. Revenue for the quarter hit $1.93 billion, roughly in line with the $1.94 billion expected. US same-store sales for KFC and Pizza Hut fell 5% year over year. US system sales for Taco Bell grew 6%. Lemonade stock jumps on solid guidance Lemonade (LMND) stock jumped 8% in premarket trading as the insurance company kicked off its earnings call and reported a narrower loss than expected. In the second quarter, Lemonade posted a loss of $0.60 per share. Analysts were expecting an $0.80 per share loss. Revenue of $164.1 million beat estimates for $160.8 million and rose 34% from the same period a year ago. Gross profit increased by 109% year on year to $64.3 million, while gross margin improved by 14 points to 39%, the company said. Lemonade also raised its full-year revenue guidance to $710 million-$715 million. Listen to the earnings call here. Lemonade (LMND) stock jumped 8% in premarket trading as the insurance company kicked off its earnings call and reported a narrower loss than expected. In the second quarter, Lemonade posted a loss of $0.60 per share. Analysts were expecting an $0.80 per share loss. Revenue of $164.1 million beat estimates for $160.8 million and rose 34% from the same period a year ago. Gross profit increased by 109% year on year to $64.3 million, while gross margin improved by 14 points to 39%, the company said. Lemonade also raised its full-year revenue guidance to $710 million-$715 million. Listen to the earnings call here. Caterpillar warns of up to $1.5 billion tariff hit, profit misses on weak demand Caterpillar (CAT) is expecting a bigger hit from tariffs in the third quarter and the rest of 2025 than it initially projected, as President Trump's tariffs hit the industrial and manufacturing segment especially hard. The company flagged a tariff impact of $400 million to $500 million in the third quarter and $1.5 billion hit from costs tied to US tariffs in 2025. Caterpillar was able to offset some of the higher tariff costs; however, higher interest rates and a slowdown in US construction activity led to a pullback in demand for its products. The heavy machinery manufacturer reported adjusted earnings per share of $4.72 on revenue of $16.6 billion. Analysts were expecting adjusted EPS of $4.90 on revenue of $16.3 billion, according to S&P Global Market Intelligence. Caterpillar stock fell less than 1% in premarket trading. Caterpillar (CAT) is expecting a bigger hit from tariffs in the third quarter and the rest of 2025 than it initially projected, as President Trump's tariffs hit the industrial and manufacturing segment especially hard. The company flagged a tariff impact of $400 million to $500 million in the third quarter and $1.5 billion hit from costs tied to US tariffs in 2025. Caterpillar was able to offset some of the higher tariff costs; however, higher interest rates and a slowdown in US construction activity led to a pullback in demand for its products. The heavy machinery manufacturer reported adjusted earnings per share of $4.72 on revenue of $16.6 billion. Analysts were expecting adjusted EPS of $4.90 on revenue of $16.3 billion, according to S&P Global Market Intelligence. Caterpillar stock fell less than 1% in premarket trading. Sign in to access your portfolio
Yahoo
6 minutes ago
- Yahoo
Gildan Names S&S Activewear as Exclusive Wholesale Distributor for the Canadian Printwear Market
MONTREAL, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (GIL: TSX and NYSE) ('Gildan' or 'the Company') is pleased to announce that it has selected S&S Activewear as the exclusive wholesale distributor of the Company's portfolio of brands – Gildan®, Comfort Colors®, American Apparel®, and Champion® – in the Canadian imprintables market. 'S&S Activewear has been a valuable business collaborator in Canada, and we are excited to strengthen this partnership,' said Chuck Ward, Chief Operating Officer at Gildan. 'By aligning Gildan's Canadian product supply capabilities with S&S Activewear's robust distribution network, Gildan's Canadian customers will benefit from improved product availability, swift service, and a streamlined ordering process.' S&S Activewear conveyed similar excitement, emphasizing the opportunity to better serve Canadian decorators with an expanded brand portfolio and strong infrastructure. 'Gildan's brands are among the most iconic and recognizable in our industry and we're excited to bring this powerful portfolio together under one roof,' said Craig Ryan, Vice President of Commercial – Canada at S&S. 'With increased inventory depth across our Canadian network—reaching over 99 % of the population with one and two-day service—S&S is enhancing access and reliability for customers nationwide.' 'Gildan has been a trusted and strategic partner for years, and we're proud to take this next step together,' said Frank Myers, CEO of S&S Activewear. 'This expanded agreement reflects the strength of our partnership across North America and our continued investment in the Canadian market.' This exclusive partnership arrangement will be effective December 28, 2025. About Gildan Gildan is a leading manufacturer of everyday basic apparel. The Company's product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screenprinters or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms and to global lifestyle brand companies. The Company markets its products in North America, Europe, Asia Pacific, and Latin America, under a diversified portfolio of Company-owned brands including Gildan®, American Apparel®, Comfort Colors®, GOLDTOE®, and Peds®, and under an exclusive licensing agreement for the printwear channel for Champion®. Gildan owns and operates vertically integrated, large-scale manufacturing facilities which are primarily located in Central America, the Caribbean, North America, and Bangladesh. Gildan operates with a strong commitment to industry-leading labour, environmental and governance practices throughout its supply chain in accordance with its comprehensive ESG program embedded in the Company's long-term business strategy. More information about the Company and its ESG practices and initiatives can be found at About S&S Founded in 1988 and headquartered in Bolingbrook, Illinois, S&S Activewear is a leading technology-enabled distributor of apparel and accessories in the United States and Canada. S&S offers more than 100 brands, including basic garments to fashion-forward styles, with over 6 million square feet of warehouse space across North America. S&S services a broad range of customers through its nationwide network, including retail brands, e-commerce companies, garment decorators, promotional products distributors, entertainment merchandisers, lifestyle brands and web-based platforms for apparel customization. Investor inquiries: Jessy Hayem, CFA Senior Vice-President, Head of Investor Relations and Global Communications (514) 744-8511 jhayem@ Media inquiries:Genevieve GosselinDirector, Global Communications and Corporate Marketing(514) 343-8814communications@ 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
Bloomberg
6 minutes ago
- Bloomberg
Apple Surge Boots S&P 500, Nasdaq
Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Vonnie Quinn, Carol Massar and Matt Miller. (Source: Bloomberg)
