The CRTC could be sued over an online radio station that has sparked indignation in Quebec
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In a letter sent Monday to the CRTC's secretary general and obtained by National Post, Cogeco accused the commission of 'not ensuring the proper progress' in the file, not 'assuming the responsibilities incumbent upon it' and 'not fulfilling its duty towards the public and the Canadian broadcasting system.'
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Moreover, it states that both companies involved in broadcasting the station are operating in an 'illegal situation.' Quebecor replied in its own letter on Wednesday, accusing Cogeco of making 'false and defamatory statements about Quebecor Media, baselessly accusing it of multiple violations and of operating illegally.'
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The deal raised some eyebrows at the time in the industry. When it launched QUB Radio in 2018, Quebecor announced it was 'the new way to do radio.' The company had long been aiming for a breakthrough in Montreal's lucrative and cutthroat radio market.
In fact, the CRTC had already blocked Quebecor from entering the Montreal radio market in the past. In 2008, it prohibited single companies from owning newspapers, television and radio stations in the same market.
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So, Quebecor turned to an unregulated digital platform.
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Until August 2024 when QUB's most popular talk radio shows then became available on a conventional weekday radio frequency, resulting in the demise of music station WKND 99.5 FM. This was without requiring regulatory approval.
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'This agreement is solely a programming agreement providing for live, simultaneous rebroadcast of the QUB radio station's programming on the 99.5 FM frequency, Monday through Friday, 6 a.m. to 6 p.m.,' said Quebecor's vice president of regulatory and environmental affairs Peggy Tabet in a letter to the CRTC.
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Leclerc Communication's license stipulates that it is required to broadcast a majority of hours of French-language vocal music on weekdays. The company claims to be meeting its obligations but the CRTC recently challenged this claim in a letter after receiving complaints.
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Edmonton Journal
2 minutes ago
- Edmonton Journal
‘He's not waiting until 2026': Trump likely to reopen CUSMA trade pact in the fall, Doug Ford warns
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Cision Canada
2 minutes ago
- Cision Canada
GDI Integrated Facility Services Inc. Releases its Financial Results for the Second Quarter Ended June 30, 2025 Français
Q2 2025 revenue of $610 million, a decrease of $29 million, or 5%, over Q2 2024. Q2 2025 Adjusted EBITDA* of $34 million, representing an Adjusted EBITDA* margin of 6%, compared to $34 million and 5% in Q2 2024. Q2 2025 net loss of $1 million or $0.04 per share compared with net income of $2 million or $0.07 per share for the second quarter of 2024. Adjusting for the net of tax effect of a $5 million unrealized foreign exchange loss during the quarter, net income would have been $3 million or $0.12 per share. LASALLE, QC, Aug. 6, 2025 /CNW/ - GDI Integrated Facility Services Inc. ("GDI" or the "Company") (TSX: GDI) is pleased to announce its financial results for the second quarter ended June 30, 2025. Financial Highlights For the second quarter of 2025: Revenue reached $610 million, a decrease of $29 million, or 5%, over the second quarter of 2024 mainly attributable to the organic decline of 4%. Adjusted EBITDA* amounted to $34 million, representing an Adjusted EBITDA* margin of 6% compared to $34 million and 5% in Q2 2024. Net loss was $1 million or $0.04 per share compared to $2 million or $0.07 per share in Q2 2024. During Q2 2025, the Company recorded a $5 million unrealized foreign exchange loss due to the revaluation of a U.S. dollar intercompany loan in our Canadian operations. The offsetting gain is recorded in Other comprehensive income through the currency conversion of our U.S. subsidiary, creating an accounting mismatch with no cash flow impact. Without this expense and considering the related income tax benefit of $1 million, net income would have been $3 million or $0.12 per share. For the second quarters of 2025 and 2024, the business segments performed as follows: Note: The 2024 results were recast to reflect i) the transfer of the Integrated Facility Services business from Corporate and Other to Technical Services since January 1, 2025; and ii) the allocation of corporate technology costs, moving some from the Corporate and Other segment to the operating Business Segments. For the six-month period ended June 30, 2025: Revenue reached $1.23 billion, a decrease of $57 million, or 4%, over the corresponding period of 2024, comprised of 5% organic decline and 1% decrease from acquisitions and disposals, partially offset by 2% growth attributable to the currency translation. Adjusted EBITDA* amounted to $67 million, an increase of $6 million, or 10%, over the corresponding period of 2024. Net income was $5 million or $0.22 per share compared to $2 million or $0.09 per share over the corresponding period of 2024. The increase is mainly due to higher operating income of $14 million mainly attributable to the increase in Adjusted EBITDA* and to the decrease in amortization and depreciation expense. Last year included additional amortization expense due to the significant reduction of an important customer contract. The increase in 2025 was partially offset by higher net finance expense of $11 million which includes a $5 million unrealized foreign exchange loss due to the revaluation of a U.S. dollar intercompany loan in our Canadian operations. For the first two quarters of 2025 and 2024, the business segments performed as follows: Note: The 2024 results were recast to reflect i) the transfer of the Integrated Facility Services business from Corporate and Other to Technical Services since January 1, 2025 and ii) the allocation of corporate technology costs, moving some from the Corporate and Other segment to the operating Business Segments Financial results for the second quarter 2025 GDI's Business Services Canada segment recorded $147 million in revenue while generating $10 million in Adjusted EBITDA *, representing an Adjusted EBITDA margin * of 7%. GDI's Business Services USA segment recorded revenue of $204 million and Adjusted EBITDA * of $14 million, representing an Adjusted EBITDA margin * of 7%. Business Services USA organic decline in Q2 reflects the paring down of low margin accounts from our Atalian acquisition which was carried out through the course of fiscal 2024 as well as the loss of the remaining 20% of the large client lost during Q1 fiscal 2024. In addition, revenue generated by one customer fluctuated based on the volume of recurring project work which was lower in the second quarter of 2025. The Technical Services segment recorded revenue of $252 million and Adjusted EBITDA * of $14 million, up by $2 million compared to Q2 2024, representing an Adjusted EBITDA margin * of 6% compared to 5% in Q2 2024, mainly attributable to higher margins in project revenues compared to previous year. GDI's Corporate and Other segment recorded revenue of $7 million and negative Adjusted EBITDA* of $4 million compared to $9 million and negative $3 million in Q2 2024, respectively. "I am relatively pleased with GDI's Q2 2025 performance," stated Claude Bigras, President & CEO of GDI. "Our Business Services Canada delivered results in-line with historic, with 1% organic growth and a slight decline in Adjusted EBITDA. We are experiencing a degree of softness in our Business Services Canada segment due to a higher levels of contract churn and margin pressure on existing accounts. These trends reflect broader challenges in the Canadian real estate sector, where higher vacancy rates and economic uncertainty from tariffs are weighing on customer operating budgets. In response, we are actively implementing strategic initiatives to align our cost structure, enhance client retention, and preserve margins in this evolving environment. GDI's Business Services USA segment delivered solid results with an Adjusted EBITDA margin of 7%, an increase over the prior year's quarter. As previously announced, the business recorded an organic revenue decline in Q2 reflecting the paring down of low margin accounts from our Atalian USA acquisition which was carried out through the course of fiscal 2024 as well as the loss of the remaining 20% of the business' largest client lost in Q1 fiscal 2024. The Business Services USA segment has secured several new contracts wins which are expected to be starting in Q3 and we expect this business to perform well for the remainder of the year. Our Technical Services business had a very good quarter compared to Q2 last year, generating $252 million in revenue and a 6% Adjusted EBITDA margin which represents a 17% increase in Adjusted EBITDA over Q2 2024. Our Ainsworth business is continuing to perform well. It is generating higher than historic profitability and the outlook remains positive," stated Mr. Bigras. "GDI's balance sheet management initiatives continue to deliver results with a slight decrease in long-term debt over Q1 2025 and stability in working capital levels. Our leverage ratio remains comfortably below three times Adjusted EBITDA, our balance sheet is strong, and we are well positioned to continue to execute on our growth through M&A strategy," concluded Mr. Bigras. _________________________________ * The terms "Adjusted EBITDA", "Adjusted EBITDA Margin", Long-term debt, net of cash, and net operating working capital do not have standardized definitions prescribed by International Financial Reporting Standards and therefore, may not be comparable to similar measures presented by other companies. "Adjusted EBITDA" is defined as operating income before depreciation and amortization, transaction, reorganization and other costs, share-based compensation and strategic information technology projects configuration and customization costs. The Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenues. For more details and for a reconciliation of that measure to the most directly comparable IFRS measure, consult the "Operating and Financial Results" section of the Company's Management Discussion & Analysis ("MD&A"). Long-term debt, net of cash, and net operating working capital details and calculation is descripted in the section "consolidated financial position" of the MD&A. ABOUT GDI GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, educational facilities, distribution centers, industrial facilities, healthcare establishments, stadiums and event venues, hotels, shopping centres, airports and other transportation facilities. GDI's commercial facility services capabilities include commercial janitorial and building maintenance, energy advisory and system optimization, the installation, maintenance and repair of HVAC-R, mechanical, electrical and building automation systems, as well as other complementary services such as janitorial products manufacturing and distribution. GDI's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at CAUTION CONCERNING FORWARD-LOOKING STATEMENTS Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward looking information may relate to GDI's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI's future operating results and economic performance, and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties (described in the "Risk Factors" section) that could cause actual results to differ materially from what GDI currently expects. Namely, these factors include risks pertaining to unsuccessful implementation of the business strategy, changes to business structure, inherent operating risks from acquisition activity, failure to integrate an acquired company, decline in commercial real estate occupancy levels, increase in costs which cannot be passed on to customers, labour shortages, disruption in information technology systems and execution issues with Strategic IT projects, increases in interest rates, exchange rate fluctuations, deterioration in economic conditions, Government Policies on International trade and Investment, including sanctions and actions in respect to global trade, tariffs, and trade agreement, increase in competition, influence of the principal shareholders, loss of key or long-term customers, public procurement laws and regulations, legal proceedings, reputational damage, labour disputes, disputes with franchisees, environmental, social and governance ("ESG") considerations, goodwill and long-lived assets impairment charges, tax matters, key employees, participation in multi-employer pension plans, legislation or other governmental action, cybersecurity, data confidentiality and data protection, and public perception of our environmental footprint, many of which are beyond the Company's control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law. June 30, 2025 unaudited condensed consolidated interim financial statements and accompanied Management & Discussion Analysis are filed on Three-months period ended June 30, 2025 Business Services Canada Business Services USA Technical Services Corporate and Other Total Recurring/contractual services 129 193 42 – 364 On-call services 10 11 69 – 90 Projects – – 141 – 141 Manufacturing and distribution – – – 10 10 Other revenues 5 – – – 5 Total external revenues 144 204 252 10 610 Inter-segment revenues 3 – – (3) ‒ Revenues 147 204 252 7 610 Income (loss) before income taxes 8 8 5 (23) (2) Net finance expense – – 2 10 12 Operating income (loss) 8 8 7 (13) 10 Depreciation and amortization 2 6 7 3 18 Transaction, reorganization, and other costs – – – 2 2 Share-based compensation (1) – – – 3 3 Strategic information technology projects configuration and customization costs – – – 1 1 Adjusted EBITDA 10 14 14 (4) 34 Total assets 251 362 525 100 1,238 Total liabilities 67 91 248 334 740 Additions to property, plant and equipment 3 8 2 – 13 Additions to intangible assets – – – 1 1 Goodwill recorded on business acquisitions – – 2 – 2 (1) Includes stock option, performance share unit and restricted share unit plans. GDI INTEGRATED FACILITY SERVICES INC. SEGMENTED INFORMATION (CONTINUED) (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) Three-months period ended June 30, 2024 Business Services Canada Business Services USA Technical Services Corporate and Other (3) Total Recurring/contractual services 127 200 36 ‒ 363 On-call services 10 21 69 ‒ 100 Projects ‒ ‒ 159 ‒ 159 Manufacturing and distribution ‒ ‒ ‒ 12 12 Other revenues 5 ‒ ‒ ‒ 5 Total external revenues 142 221 264 12 639 Inter-segment revenues 3 ‒ ‒ (3) ‒ Revenues 145 221 264 9 639 Income (loss) before income taxes (4) 8 8 1 (12) 5 Net finance expense ‒ 1 2 2 5 Operating income (loss) 8 9 3 (10) 10 Depreciation and amortization 3 5 9 2 19 Transaction, reorganization, and other costs ‒ ‒ ‒ 2 2 Share-based compensation (1) ‒ ‒ ‒ 2 2 Strategic information technology projects configuration and customization costs ‒ ‒ ‒ 1 1 Adjusted EBITDA 11 14 12 (3) 34 Total assets (2) 254 416 526 89 1,285 Total liabilities (2) 72 114 246 357 789 Additions to property, plant and equipment 1 5 8 2 16 Additions to intangible assets – 1 3 – 4 Goodwill recorded on business acquisitions – 7 2 – 9 (1) Includes stock option, performance share unit and restricted share unit plans. (2) As at December 31, 2024. (3) The 2024 figures were recast to reflect the January 1, 2025 reorganization change where facility management services now report into the Technical Serviced segment as opposed to Corporate and Other as published in 2024. (4) The 2024 figures were recast to reflect a change in the allocation of corporate technology costs, moving from the Corporate and Other segment to the operating segments. This change was implemented to provide a more meaningful view of segment profitability. GDI INTEGRATED FACILITY SERVICES INC. SEGMENTED INFORMATION (CONTINUED) (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) Six-months period ended June 30, 2025 Business Services Canada Business Services USA Technical Services Corporate and Other Total Recurring/contractual services 258 399 80 – 737 On-call services 18 22 133 – 173 Projects – – 285 – 285 Manufacturing and distribution – – – 19 19 Other revenues 12 – – – 12 Total external revenues 288 421 498 19 1,226 Inter-segment revenues 6 – – (6) ‒ Revenues 294 421 498 13 1,226 Income (loss) before income taxes 16 18 7 (34) 7 Net finance expense – 1 3 11 15 Operating income (loss) 16 19 10 (23) 22 Depreciation and amortization 5 9 16 6 36 Transaction, reorganization, and other costs – – – 3 3 Share-based compensation (1) – – – 5 5 Strategic information technology projects configuration and customization costs – – – 1 1 Adjusted EBITDA 21 28 26 (8) 67 Total assets 251 362 525 100 1,238 Total liabilities 67 91 248 334 740 Additions to property, plant and equipment 4 18 4 1 27 Additions to intangible assets – – – 1 1 Goodwill recorded on business acquisitions – – 2 – 2 (1) Includes stock option, performance share unit and restricted share unit plans. GDI INTEGRATED FACILITY SERVICES INC. SEGMENTED INFORMATION (CONTINUED) (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) Six-month period ended June 30, 2024 Business Services Canada Business Services USA Technical Services Corporate and Other (3) Total Recurring/contractual services 253 403 72 ‒ 728 On-call services 18 43 143 ‒ 204 Projects ‒ ‒ 309 ‒ 309 Manufacturing and distribution ‒ ‒ ‒ 29 29 Other revenues 13 ‒ ‒ ‒ 13 Total external revenues 284 446 524 29 1,283 Inter-segment revenues 6 ‒ ‒ (6) ‒ Revenues 290 446 524 23 1,283 Income (loss) before income taxes (4) 15 11 (2) (20) 4 Net finance expense ‒ 1 1 2 4 Operating income (loss) 15 12 (1) (18) 8 Depreciation and amortization 6 14 19 6 45 Transaction, reorganization, and other costs ‒ 1 ‒ 2 3 Share-based compensation (1) ‒ ‒ ‒ 4 4 Strategic information technology projects configuration and customization costs ‒ ‒ ‒ 1 1 Adjusted EBITDA 21 27 18 (5) 61 Total assets (2) 254 416 526 89 1,285 Total liabilities (2) 72 114 246 357 789 Additions to property, plant and equipment 3 6 16 3 28 Additions to intangible assets – 1 3 1 5 Goodwill recorded on business acquisitions – 10 2 – 12 (1) Includes stock option, performance share unit and restricted share unit plans. (2) As at December 31, 2024. (3) The 2024 figures were recast to reflect the January 1, 2025 reorganization change where facility management services now report into the Technical Services segment as opposed to Corporate and Other as published in 2024. (4) The 2024 figures were recast to reflect a change in the allocation of corporate technology costs, moving from the Corporate and Other segment to the operating segments. This change was implemented to provide a more meaningful view of segment profitability. GDI INTEGRATED FACILITY SERVICES INC. CONSOLIDATED FINANCIAL POSITION (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) June 30, December 31, (in millions of Canadian dollars) 2025 2024 Net operating working capital: Trade and other receivables and contract assets 529 565 Inventories 32 33 Prepaid expenses and other 22 16 Other financial assets ‒ 15 Trade and other payables (274) (306) Provisions (26) (32) Contract liabilities (35) (33) Net operating working capital 248 258 Long-term debt, including current portion, net of Cash (bank indebtedness): Cash, net of bank indebtedness 25 12 Long-term debt, including current portion (378) (383) Long-term debt, including current portion, net of cash (353) (371) Other financial position accounts: Property, plant and equipment 120 119 Intangible assets 104 115 Goodwill 370 378 Other long-term assets 22 20 Assets held for sale 6 6 Other long-term liabilities (6) (9) Net current tax (liabilities) assets (2) (5) Net deferred tax (liabilities) assets (11) (15) GDI INTEGRATED FACILITY SERVICES INC. SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION THREE-MONTH PERIODS (UNAUDITED) (IN MILLIONS OF CANADIAN DOLLARS) Period ended June March December September (in millions of Canadian dollars, except per share data) (1) 2025 2025 2024 2024 Revenue 610 616 634 640 Operating income 10 12 15 15 Depreciation and amortization 18 18 22 20 Transaction, reorganization and other costs 2 1 (2) 1 Share-based compensation 3 3 2 3 Strategic information technology projects configuration and customization costs 1 ‒ 1 ‒ Adjusted EBITDA 34 34 38 39 Net (loss) income for the period (1) 6 23 7 Earnings per share Basic (0.04) 0.26 1.00 0.28 Diluted (0.04) 0.26 0.99 0.28 Period ended June March December September (in millions of Canadian dollars, except per share data) (1) 2024 2024 2023 2023 Revenue 639 644 622 615 Operating (loss) income 10 (2) 9 16 Depreciation and amortization 19 26 22 19 Transaction, reorganization and other costs 2 1 2 ‒ Share-based compensation 2 2 2 2 Strategic information technology projects configuration and customization costs 1 1 2 2 Adjusted EBITDA 34 28 37 39 Net income for the period 2 ‒ 6 8 Earnings per share Basic 0.07 0.02 0.26 0.35 Diluted 0.07 0.02 0.25 0.35 (1) The differences between the quarters are mainly the results of business acquisitions, as well as seasonality in the Technical Services segment and also reflect the timing of certain projects. SOURCE GDI Integrated Facility Services Inc.
Vancouver Sun
2 minutes ago
- Vancouver Sun
‘He's not waiting until 2026': Trump likely to reopen CUSMA trade pact in the fall, Doug Ford warns
OTTAWA — Ontario Premier Doug Ford is warning that U.S. President Donald Trump could choose to suddenly 'pull the carpet out from underneath us' by opening up the trade agreement his administration negotiated with Canada during his first term. He said Ottawa needs to prepare for that to happen this fall. Ford made the comments after the country's premiers and Prime Minister Mark Carney met in private for the first time since Trump escalated his trade war by hitting Canada with a baseline 35 per cent tariff last week. The new tariff, which took effect on Friday after the two countries failed to hit an Aug. 1 deadline to secure a new trade agreement, applies only to goods not covered by the Canada-United States-Mexico agreement on free trade, better known as CUSMA. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Ford said Trump likely won't wait for the scheduled review of the agreement next year. 'He's not waiting until 2026. At any given time, President Trump — not that he even follows the rules — he can pull the carpet out from underneath us on CUSMA tomorrow with one signature,' Ford told reporters at Queen's Park in Toronto Wednesday afternoon as he called for swift action to bolster the economy. 'So let's be prepared. I think it'll be coming in November. He's going to come at us with double barrels, so we better be ready and throw everything and the kitchen sink at this.' Ontario is at odds with Saskatchewan over Canada's response to the escalating trade war. Ford has called for immediate retaliation, while Saskatchewan Premier Scott Moe is urging Ottawa to dial down its retaliatory tariffs. 'Maybe it's time for Canada even to at least not add additional counter-tariffs in this space, but to even consider removing some of the counter-tariffs that are harmful to Canadian businesses and Saskatchewan businesses today,' Moe said during a radio interview earlier Wednesday, adding the country is currently largely 'protected' under the CUSMA trade pact. Ahead of the meeting with Carney, Ford said he's frustrated by the impacts of high U.S. tariffs on his province's economy and called again for retaliatory tariffs. 'You can't have tariffs on one side and not the other. I still stand by what I say — dollar for dollar, tariff for tariff. They understand strength, not weakness, and we should never, ever roll over and be weak,' Ford told reporters at a news conference Wednesday in Thornhill, Ont. Ford said he told Carney and the premiers that if Ottawa chooses not to hike tariffs in its response, the threshold at which steel products become subject to tariffs should be lowered. 'If people are concerned about hitting back, well, then there's the other alternative. Let's lower the quota for companies. When they come in, they get tariffs immediately,' Ford said following the meeting with Carney. Moe said his province is working to protect industries that are being hit hard by tariffs, including the steel sector. 'What we've done is pull forward a significant amount — 10 years, actually — of Crown procurement to support the steel industries here in Saskatchewan,' he said. Moe gave credit to Carney for his government's efforts to strengthen trade ties with other countries, including Mexico, particularly while Canada remains subject to China's canola oil and meal tariffs. When asked to explain why his government ended up putting American liquor back on the shelves and returning to its standard procurement processes, Moe said the government already prioritizes Saskatchewan companies. 'We need to get to that space in a more solid form with our largest trading partner, the United States of America, and someone is going to have to take the early steps,' he said, noting Alberta has also shifted its policies. Alberta Premier Danielle Smith's office said she would not be issuing any statements ahead of the meeting. Ford also called for large industrial projects that could lift national morale and make use of Canadian steel, something on the scale of building 'an aircraft carrier.' He called on Ottawa to cut taxes and said the Bank of Canada should drop its interest rate. 'We have to get the governor of the Bank of Canada to lower those damn interest rates from 2.75,' he said. 'Knock 'em down. Build confidence. 'Let's work together on getting rid of the HST on homebuyers, and not just first (time) ones. Let's stimulate the market and we'll follow suit if the federal government does that.' Ford also said Wednesday he had a 'good conversation' with U.S. Commerce Secretary Howard Lutnick on Tuesday that was 'positive,' and he believes the 'prime minister is doing everything in his power to get a fair trade deal with the U.S.' Carney, who did not make himself available to media Wednesday, told a press conference in B.C. on Tuesday that he has not talked to Trump in recent days but would speak with him 'when it makes sense.' The prime minister added about 85 per cent of trade with the U.S. remains tariff-free because of CUSMA. Sector-specific tariffs, like the 50 per cent duty on steel, aluminum and copper, remain in place. Carney also suggested he may lift counter-tariffs if that helps Canada in the ongoing trade dispute. 'We look at what we can do for our industry that's most effective. In some cases, that will be to remove tariffs,' he said Tuesday. Foreign Affairs Minister Anita Anand and Finance Minister Francois-Philippe Champagne were in Mexico City on Wednesday, part of a two-day mission to meet with Mexican officials and businesses on trade. The Opposition Conservatives are fundraising off Carney's response to the escalating trade war. 'He ran his entire campaign on elbows up,' said a Tory fundraising email Wednesday. 'But his elbows dropped faster than temperatures in a Canadian winter while Trump put tariffs up.' — With files from David Baxter, Lisa Johnson and Allison Jones Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our politics newsletter, First Reading, here .
