@ the Bell: TSX steps back from its peak
Canada's main stock index saw little movement on Thursday, despite optimism among investors following a US federal court decision to block President Donald Trump's April 2 tariff measures. Telecom shares led gains for the TSX.
Meanwhile, the S&P 500 edged higher, supported by a strong post-earnings rally in Nvidia (NASDAQ:NVDA) shares. However, broader market gains were limited as investors weighed the implications of the court's rejection of Trump's 'reciprocal' tariffs. Although Wednesday's trading session was subdued, major US indexes are still on pace to end both the week and the month with gains.
The Canadian dollar traded for 72.42 cents US compared to 72.28 cents US on Wednesday.
US crude futures traded $0.86 lower at US$60.98 a barrel, and the Brent contract lost $0.73 to US$64.17 a barrel.
The price of gold was up US$18.07 to US$3,316.29.
In world markets, the Nikkei was up 710.58 points to ¥38,432.98, the Hang Seng was up 315.07 points to HK$23,573.38 the FTSE was down 9.56 points to ₤8,716.45, and the DAX was down 104.96 points to €23,933.23.
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Toronto Sun
24 minutes ago
- Toronto Sun
Steel industry, labour leaders call for government action as U.S. tariffs spike
Published Jun 04, 2025 • 4 minute read Workers enter the ArcelorMittal Dofasco's steel manufacturing buildings in Hamilton, Ont., on June 4, 2025. Photo by COLE BURSTON / AFP via Getty Images Canada's steel industry needs the federal government to take swift action as it faces an existential threat from steeply increased U.S. tariff, said Catherine Cobden, head of the Canadian Steel Producers Association. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 'We're going to be a deeply weakened sector in a very short period of time,' she said after the U.S. doubled its tariffs on steel and aluminum imports to 50 per cent. Industry players had hoped to get a last-minute reprieve on the U.S. metals tariffs, but when that didn't happen it sent companies scrambling, said Cobden. 'Steel was already ready and loaded, locked and loaded, and some of it even in transport, so, completely chaotic.' The higher tariffs not only make Canadian exports to the U.S. uneconomic, but will also mean Canada's domestic market could be flooded by imports from other countries also shut out of the U.S., said Cobden. 'We're going to be inundated with steel that was destined for the United States diverting into Canada. We already have an unfair trade problem here, so it's going to get much worse very, very quickly.' Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The industry association is calling on the federal government to expand an existing 25 per cent tariff on metal products finished in China to also include products from other countries made from steel melted and poured in China. The industry has long alleged that the Chinese government unfairly supports its industry to create artificially low prices. It also called for the government to fully reinstate retaliatory tariffs on U.S. steel and match the latest escalation. By reducing imports into Canada, producers here can recapture some of the domestic market, said Cobden. 'There'll still be shrinkage in the industry. We'll be weaker, but we won't be, you know, collapsed, which is where I'm afraid we're heading.' This advertisement has not loaded yet, but your article continues below. Prime Minister Mark Carney said Wednesday on his way into the weekly Liberal caucus meeting in Ottawa that Canada is deep in talks with the U.S. on trade, and is still considering its response to Trump's latest escalation. 'We will take some time — not much, some time — because we are in intensive discussions right now with the Americans on our trading relationship.' Ontario Premier Doug Ford also called for full retaliatory tariffs, while Canadian Chamber of Commerce CEO Candace Liang said at a press conference that carefully considered retaliation is in order. 'In this moment it is absolutely understandable we would want to show fight,' she said in Ottawa. 'So we can look at the use of targeted counter tariffs, but be careful to maximize impact on the U.S., while minimizing impact on the home front.' This advertisement has not loaded yet, but your article continues below. The aluminum industry is also being disrupted by the increased tariffs, though the higher price per kilogram of the metal makes it more economic to ship abroad. The Aluminum Association of Canada said it strongly opposed higher rates, which effectively makes Canadian exports to the U.S. economically unviable, and that industry players may be forced to diversify trade toward the European Union. The heightened tariffs will mean less demand across North America and threatens the security of the integrated supply chain, said Jean Simard, president and CEO of the association. 'It will impact workers on both sides of the border and disrupt key sectors including defense, construction and automotive,' he said in a statement. This advertisement has not loaded yet, but your article continues below. Canada's metal producers are already feeling the hit from both the initial 25 per cent tariffs imposed March 12, and the general uncertainty of what's to come, said Canadian Labour Congress president Bea Bruske. 'The reality is we've already seen job losses in the steel and aluminum industry, because the uncertainty is just as bad as the reality of it,' she said at the same press conference as Liang. 'And we know within the next couple of days and weeks job losses will start to accumulate, so time is absolutely critically important,' said Bruske, noting that 23,000 people work across steel industries in Canada and another 9,500 in aluminum. Cobden put the job losses at around 700 from the initial round of tariffs, while Canadian steel shipments to the U.S., where half of production goes, were down 30 per cent in April. This advertisement has not loaded yet, but your article continues below. Algoma Steel said in a statement that it is deeply concerned with the increased tariffs, and is advocating swift government action to support the company and the wider industry during this volatile time. Unifor said in a news release Wednesday that heightened tariffs on steel and aluminum are a direct threat to Canadian jobs and security, and also urged the federal government to act without delay to defend the industry. 'These tariffs are killing investment in our steel, aluminum, and auto sectors, and we are already seeing the consequences in lost jobs and economic instability,' said Unifor national president Lana Payne in a statement. 'We need immediate and forceful action to defend good jobs and safeguard our national economic security.' Federal politicians are set to meet industry and labour leaders Thursday who are set to press their demands directly. Cobden said the government's recent commitment to buy Canadian steel for infrastructure and defence projects is welcome, but more needs to be done. 'We applaud that, we've been looking for that for decades, but now we have the circumstance where we might not be around to serve those projects.' — With a file from David Baxter in Ottawa. Read More Celebrity Toronto & GTA Toronto Blue Jays World Olympics
CTV News
33 minutes ago
- CTV News
Summer job postings in Canada down sharply from last year: report
Canadian youth heading into summer are facing a chill in seasonal job searches as recently released data suggests a steep decline in postings traditionally aimed at students and entry-level workers. According to Indeed Hiring Lab, which examined job postings on its host website, their numbers revealed that as of early May, Canadian summer job postings were down 22 per cent compared to last year. Brendan Bernard, senior economist with Indeed Hiring Lab, told CTV's Your Morning on May 30 what's driving this downturn. 'We're seeing a real pullback in hiring appetite since the pandemic,' he said, adding that what was once a job seeker's market in 2022 has transformed into a challenging landscape for employment, particularly for younger workers. The slowdown is backed by Statistics Canada's April 2025 Labour Force Survey, which shows that youth aged 15 to 24 experienced a net employment loss of 28,000 jobs in April alone, with most of those losses concentrated among young women and in part-time roles. According to StatCan, the youth unemployment rate sat at 11.3 per cent in April, up from 10.4 per cent the previous month. Their data also revealed that 14.1 per cent of youth within this age group were without work in April, which is more than double the Canada-wide unemployment rate of 6.9 per cent. Sectors hit hard According to Indeed's data, postings in early May were down 32 per cent compared to 2024 for summer camp roles, including counsellors, managers and leads, which accounts for 10 to 15 per cent of summer postings. Other jobs like painters, lifeguards and customer service representatives also saw a dip in the same time period as 2024. 'The Canadian youth job market has been weakening pretty steadily over the past two years, and so we need a turnaround in the economy to get things goings,' Bernard said. But Bernard says there may not be a turnaround anytime soon, with more students off and looking for work. Data showed that while the number of people aged between 15 and 24 employed in July 2024 was roughly the same as the year before, the employment rate dropped. That's because the population in that age group grew by 7.2 per cent, but job growth didn't keep pace. The job market is experiencing what Bernard describes as a 'traffic jam' of employment opportunities, as experienced workers are holding onto seasonal roles and not jumping at the next opportunity, while new entrants struggle to find their first foothold. A recent report from CTV Toronto captures the human toll as several Ontario youth describe applying to dozens of jobs with no callbacks, while others said they lowered their expectations or took unpaid positions just to gain experience. One youth described it as a 'make-or-break summer.' Hope for the future Despite the challenging landscape, Bernard offers some advice. 'A down summer job market doesn't mean no summer job market,' he emphasized, suggesting that job seekers should ask themselves what they want out of a job. 'What's the goal for this job search and what kind of job both fits the person's interests and skills? What are you good at?' he said, adding that he encourages job seekers to explore job search platforms and learn on their personal networks – like friends, classmates and family – not just to find openings but to gather advice and insights. If landing a job proves difficult, he suggests using the time to build valuable experience in other ways, such as volunteering and learning new skills. With files from CTV Toronto's Alex Arsenych
CTV News
33 minutes ago
- CTV News
Quebec considers increasing aid to businesses after new tariffs
In response to Donald Trump's new round of tariffs on steel and aluminum, Quebec Premier François Legault is considering increasing aid to support steel and aluminum plants, among others. 'I will speak with Mark Carney tomorrow to see if we can improve liquidity programs, among other things, for large companies,' Legault said at a news conference at the National Assembly Wednesday. A few months ago, Quebec announced assistance to businesses in the form of loans of up to $50 million. Donald Trump announced on Tuesday that tariffs on steel and aluminum imports would increase from 25 per cent to 50 per cent. The premier seems to have little hope that the US president can still be 'brought to his senses.' 'There was a meeting between (Minister of Canada-U.S. Trade) Dominic LeBlanc and Secretary of Commerce Howard Lutnick. It didn't work. It seems that no one around Mr. Trump is listening. It defies all logic,' he said. 'Good jobs this summer' The premier took advantage of his press briefing to assert that the rapid adoption of Bill 69, which also aims to give Hydro-Québec free rein to increase its electricity production, will create 'good jobs.' 'There are projects on the North Shore, in northern Quebec, in Saguenay-Lac-Saint-Jean, in Gaspésie, and in Bas-Saint-Laurent that are ready to go this summer. But the PQ and the Liberal Party want to delay the adoption of Bill 69 until the fall. This would deprive all these regions of good jobs this summer,' Legault said. For several days now, the government has been laying the groundwork for the adoption of this bill by gag order. On Tuesday, Energy Minister Christine Fréchette argued that its adoption before the summer would save $6 billion on the wind energy strategy. Opposition parties in Quebec City are against it, saying the legislation is poorly drafted. Mission to France The premier also stressed the importance of diversifying Quebec's economy. He will be on a four-day mission to France from June 13 to 16 to attend the International Paris Air Show. This 'major economic mission,' according to his office, will take him to Paris and Le Bourget. 'On this occasion, the premier will meet with many key players in the business and innovation, aeronautics and aerospace sectors,' Legault's office said in a statement. 'This mission will position Quebec as a partner of choice in France and other international markets,' the premier's office added on Wednesday. As Quebec companies seek new international partners, Legault's trip will 'support Quebec manufacturing companies and associations in their efforts to consolidate and diversify their markets,' the premier's office said. The Minister of Economy, Innovation and Energy, Christine Fréchette, will also attend the International Paris Air Show, starting on June 15. The Paris Air Show in Le Bourget prides itself on being the 'largest event in the industry, bringing together players from around the world.' Some 2,500 exhibitors from 48 countries are expected to attend this year's show, which will take place from 16 to 22 June. At the last edition, in 2023, the Quebec delegation was led by Pierre Fitzgibbon, who was then Minister of Economy, Innovation and Energy. Legault also visited Germany a few months ago. This report by The Canadian Press was first published in French June 4, 2025. Thomas Laberge and Mathieu Paquette, The Canadian Press
