Canada to help lumber industry cope with US tariffs, says Carney
Carney, speaking to reporters in the Pacific province of British Columbia, said Ottawa would make up to C$700 million available in loan guarantees and also provide C$500 million to help speed product development and market diversification.
(Reuters Ottawa editorial; david.ljunggren@tr.com))
Keywords: USA TARIFFS/TRUMP CANADA
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Verge
a minute ago
- The Verge
Sonos confirms tariffs will increase its prices this year
Tom Conrad took over as CEO of Sonos in January as it continues to recover from last year's disastrous mobile app update, and now the company has issued its first quarterly earnings report after he dropped the interim tag from his title. Beyond the numbers, with $344.8 million in revenue and a net loss of $3.4 million, Conrad acknowledged the impact that President Trump's tariffs will have on its business, saying that 'it has become clear that we'll need to raise prices on certain products later this year,' as reported earlier by Bloomberg. Conrad didn't go into detail on the price changes and said that Sonos is working with its partners to share the extra costs, as nearly all of its products for the US are made in Vietnam and Malaysia, which are both facing higher tariff rates soon. Conrad: With respect to our operations, like many companies, the most significant near-term challenge has been the uncertain tariff environment. As a reminder short of a few accessories, and our passive speaker partnership with Sonance (I think this is what he said?) we do all of our us-bound manufacturing in Vietnam and Malaysia. We talked last quarter about the contingency planning we underwent to minimize the effects of terrorists on our business, while also doing what we can to limit the downstream impact to our customers. Last week's news, the tariff rates we were subject to going forward, appeared to be 20 percent for Vietnam and 19 percent for Malaysia. We continue to work closely with our contract manufacturers and our Channel Partners to share tariff costs, though it has become clear that we'll need to raise prices on certain products later this year. As these pricing changes land, we'll monitor consumer behavior closely as well as competitive Trends across our categories and will make adjustments in collaboration with our Channel Partners, when and if necessary, to ensure we're exploring every opportunity to optimize our respective top and bottom lines. In response to one of the analyst's questions, Conrad said, 'I think the best way to think about what we're trying to do here strategically is to craft a pricing plan that supports our goal of optimizing growth profit dollars.' As a result, the executive said that the price changes could vary across different products, depending on the market and with an eye towards what competitors are doing. He pointed to some software updates Sonos has released lately, like multiuser TV audio swap and TrueCinema audio adjustments for its Ace headphones, and a recent AI speech enhancement for the Arc Ultra. Posts from this author will be added to your daily email digest and your homepage feed. See All by Richard Lawler Posts from this topic will be added to your daily email digest and your homepage feed. See All Business Posts from this topic will be added to your daily email digest and your homepage feed. See All News Posts from this topic will be added to your daily email digest and your homepage feed. See All Sonos Posts from this topic will be added to your daily email digest and your homepage feed. See All Speakers Posts from this topic will be added to your daily email digest and your homepage feed. See All Tech
Yahoo
29 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures waver as Trump's trade deadline nears
US stock futures wavered just above the flatline with President Trump's trade deadline fast approaching. Futures attached to the Dow Jones Industrial Average (YM=F) ticked up 0.1%. Futures attached to the benchmark S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) rose 0.2%. Trump's deadline for trade deals lands at 12:01 a.m. ET on Thursday. The president has teed up sweeping tariffs to hit dozens of countries that have so far not negotiated trade agreements with the US, saying there are no plans to further delay hiking rates this time. Read more: The latest on Trump's tariffs Apple (AAPL) shares climbed Wednesday afternoon as Trump and CEO Tim Cook announced the company would make a $100 billion investment in the US. As part of the deal, Apple will manufacture the cover glasses for iPhones and Apple Watches in Kentucky. The president also said at the press conference that he will eventually set a 100% tariff on semiconductors, but companies like Apple that commit to building in the US will be exempt from the tariff. Airbnb (ABNB), DoorDash (DASH), and Lyft (LYFT) reported earnings after the bell. DoorDash shares jumped on an upbeat forecast driven by resilient delivery demand. Airbnb and Lyft, meanwhile, fell on disappointing guidance. Stocks gained in day trading on Wednesday, buoyed by a slate of earnings that beat Wall Street expectations, including McDonald's (MCD) and Disney (DIS). The lead up to Apple's announcement of fresh investment in the US also boosted its stock and sent the Nasdaq higher. On Thursday, in addition to grappling with the latest trade policy shifts, Wall Street will receive new data on weekly jobless claims. The state of the labor market is in high focus following a disappointing July jobs report and downbeat revisions to the May and June jobs reports. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
29 minutes ago
- Yahoo
DHL moves early to renew Cargojet contract until 2033
Canadian airline Cargojet has extended its long-term transport agreement with integrated carrier DHL Express until March 31, 2033, and reduced DHL's potential ownership stake in the company from 9.5% to 6.6% in exchange for renewing the deal two years before it expired, the companies announced Wednesday. The revised freight services contract is projected to deliver $2.3 billion in revenue for Cargojet. DHL has the right to extend the agreement two times for two-year terms, potentially stretching the deal until March 2037. Cargojet was scheduled to release second-quarter results Wednesday after the stock market closed, but had not done so as of 7 p.m. ET. In early July, Cargojet extended its contract with Amazon for four years. The contract now runs until March 31, 2029. Cargojet began flying in DHL's express package network in 2005. It now provides bundled lease packages that include aircraft, crews and mechanics to fly freight; crew and maintenance in cases where DHL provides its own freighter aircraft; and charter service for short-term capacity needs. Cargojet has a fleet of more than 40 Boeing 767 and 757 freighters. Some of DHL's volume moves in Cargojet's domestic Canadian overnight network in which capacity is shared by various customers. Cargojet's current contract with DHL was signed in March 2022 and was scheduled to run five years. The companies cemented their partnership with the issuance of warrants giving DHL 9.5% of Cargojet shares after a seven-year vesting period. Under the expanded partnership, DHL will continue to guarantee a minimum amount of paid flight hours per month and give Cargojet preference to fly additional routes as it adjusts its global network to meet shipping demand. Cargojet will also terminate the warrants to acquire more than 1.6 million voting shares and instead issue warrants giving DHL the right to acquire 1 million shares at a price of $67.90 per share over a period of eight years, with vesting tied to DHL delivering up to $3.2 billion in business volume during the period. Click here for more FreightWaves/American Shipper stories by Eric Kulisch. Write to Eric Kulisch at ekulisch@ RELATED STORIES: New US de minimis policy could trim DHL profit by 3% Rise in China e-commerce traffic lifts Cargojet to record revenue The post DHL moves early to renew Cargojet contract until 2033 appeared first on FreightWaves. 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