Latest news with #BuyCanadian
National Post
3 days ago
- Business
- National Post
Ottawa commits to prioritizing domestic aluminum and steel for defence, infrastructure projects
Ottawa is committed to using Canadian steel and aluminum in national infrastructure and defence projects as U.S. President Donald Trump threatens to impose more tariffs, Industry Minister Melanie Joly said Sunday. Article content After meeting with aluminum industry leaders at a summit in Montreal, Joly said the government is waiting to see if Trump follows through on his threat to increase steel and aluminum tariffs to 50 per cent through an executive order. Article content The United Steelworkers union welcomed Joly's announcement Monday. Article content The union's national director, Marty Warren, said in a media statement the organization has 'consistently called for strong Buy Canadian policies to protect good jobs and rebuild domestic supply chains, especially in the face of a worsening trade war and unfair global competition.' Article content Warren said his organization will be watching to ensure the federal government follows through on its promise to use Canadian metals. Article content 'That means clear, enforceable rules that actually prioritize Canadian-made materials — starting with steel and aluminum, but also including wood, critical minerals and other key sectors. This must be the beginning, not the end, of a broader industrial strategy that supports Canadian jobs and production,' he said. Article content The Liberals campaigned in the recent election on 'maximizing' the use of Canadian steel, aluminum and forestry products in public projects. Article content Article content In March, Trump imposed 25 per cent tariffs on steel and aluminum imports to the United States. Canada is the largest steel supplier to the United States, accounting for nearly 25 per cent of all imports in 2023. Article content Article content The tariffs are putting strain on Canadian metal producers and others throughout the metals supply chain. Article content Last week, aluminum trader Sinobec Group Inc. filed for creditor protection, blaming the tariffs — as well as the wider political landscape and a weak market — for its financial troubles. Article content The Montreal-based company with about 76 staff said in its creditor filing that the economic pressures and global tariffs contributed to it being unable to raise debt financing to fund a turnaround. Article content David Perry, president of the Canadian Global Affairs Institute and a specialist in defence procurement, said Joly's plan is 'definitely a worthwhile initiative' but it comes with risk. Article content Article content Introducing a Buy Canadian element to military procurement without introducing 'additional inefficiencies in our procurement system, at a time when the government also campaigned on making it more efficient and streamlined, is going to be the real trick.'
Toronto Star
6 days ago
- Business
- Toronto Star
Yes, let's Buy Canadian. But if we can't, let's buy anything but American
Europeans are beginning to follow the Canadian example of shunning U.S. products. 'The newly imposed U.S. trade tariffs on European products are causing European customers to think twice about what's in their shopping cart,' the European Central Bank (ECB) said in a recent blog post. 'Consumers are very willing to actively move away from U.S. products and services.' ARTICLE CONTINUES BELOW The European Union (EU) is one of America's biggest customers, buying $370 billion (U.S.) in U.S. goods last year. Canada isn't far behind, purchasing $349.4 billion in U.S. goods in 2024. On Wednesday, the U.S. Court of International Trade invalidated most of U.S. President Donald Trump's tariffs. The Trump administration said it will appeal the decision. Trade experts said the case could end up in the Supreme Court, and that the Wednesday court ruling doesn't stop Trump's global trade war. The Wednesday ruling doesn't affect Trump's global tariffs on steel, aluminum and cars. The Buy European movement will gain momentum as its precursor Buy Canadian movement has done. In both cases, it will provide modest but useful stimulus to EU and Canadian economies that are flirting with recession even before the U.S. tariffs take full effect. Salling Group, a Danish retail giant, has emulated the Maple Leaf price tags that Canadian grocers have been using for months to make it easier for consumers to find locally made Canada products. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Salling is using a black star label on electronic price tags to highlight goods of European origin. Danish animosity toward the U.S. has increased with Trump's repeated vows to occupy Greenland, a semi-autonomous territory of Denmark. Some U.S. brands are more exposed to patriotic shopping than others. Non-U.S. 'consumers are more likely to forgo a bag of Cheetos in protest than they are a cancer treatment from Pfizer,' the Economist said in a recent report on the Trump effect on consumer behaviour. 'A lack of alternatives may also make it harder for them to abandon services such as Google or Instagram. 'Even so, many American firms will have to grapple with the fact that their nationality may no longer be an asset but a liability.' For instance, Tesla recorded a 40 per cent drop in European sales year-on-year in the first quarter. Accor, one of the world's leading hoteliers, has seen a 25 per cent drop in European bookings at its U.S. hotels. Buy Canadian, which traces to Trump's first tariff threats against Canada and Mexico in November, has by now become entrenched. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'There's been an almost pandemic-like proliferation of tools to help consumers keep money in the country,' says Robert Kavcic, senior economist at BMO Capital Markets. By Kavcic's calculation, Buy Canadian might add about $10 billion to the economy, equal to roughly 0.3 per cent of annual GDP. That could make the difference between recession and continued positive growth. That sum is bound to grow as Canadian consumers and retailers discover new made-in-Canada products. And more Canadian entrepreneurs will step into the new market of patriotic shopping by creating a wider assortment of Canadian merchandise, including food products, household goods, hardware and gardening supplies. The urge to Buy European would seem to be more easily satisfied than its Canadian counterpart given the abundance of European brands. There are no Canadian auto brands, for instance, while Europeans have their choice of Volkswagen, Peugeot, Renault, BMW, Fiat, and several others. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW By contrast, Kavcic notes, 'more than 20 per cent of final household consumption (in Canada) is dependent on imports.' In addition to cars, that's especially the case with household products and consumer electronics. Europe has some of the world's largest consumer brands, including Danone (Evian), Unilever (Dove soap, Sunlight detergent), Parmalat (Black Diamond), Nestlé (Nescafé, Kit Kat) and Diageo (Johnnie Walker, Guinness). Major appliance makers Electrolux, Bosch and Miele also call Europe home. But if the point of the exercise is to let Americans know that we don't appreciate the harm the U.S. is doing to our economy, one needn't buy local, as preferable as that is. Just don't buy American. Canada has no issues with Germany, for instance, so buy Adidas athletic gear instead of Nike or New Balance, and Miele kitchen appliances rather than GE. And we're not under economic attack from South Korea, so buy LG refrigerators rather than Whirlpool, and Samsung smartphones instead of Apple. Better yet, buy major appliances at Canadian Tire and Leon's Furniture rather than U.S.-owned Best Buy. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Travelling to non-U.S. destinations makes the intended point. But a Canadian tourism and hospitality sector still recovering from the pandemic could use the boost from a Travel Canada movement. With the Canadian dollar valued at lows not seen in years, international travel is more costly than usual. Meanwhile, there are affordably priced domestic paradises to discover, including Ontario's 645-square-kilometre Killarney Provincial Park, historic Quebec City, and the red-sand beaches of PEI. Happy Summer.
Hamilton Spectator
26-05-2025
- Business
- Hamilton Spectator
Pensions ‘investing almost nothing' in Canadian tech
The big Canadian pension plans have not bought into 'Elbows Up' and 'Buy Canadian' sparked by U.S. President Donald Trump's tariffs, says a veteran tech investor. 'It is more important than ever that Canada own its innovation, I think it is a relatively simple change, the Minister of Finance could do it tomorrow,' said Chris Albinson, a venture capitalist and former CEO at Communitech. Known collectively as The Maple 8, the big Canadian pension plans are a huge source of investment funds for American and Asian companies, said Albinson. 'The $2.7 trillion in pension assets collectively in the large Maple 8 pensions, 45 per cent of those dollars are invested in the U.S.,' he said in a recent interview. The pensions in the U.S. invest about five per cent of their assets in American innovation, and two years ago the British government said the pension plans there need to invest five per cent in British innovation. The Maple 8's investments in Canadian technology amount to about 0.5 per cent of their total investments, said Albinson. 'They are investing almost nothing in domestic innovation,' he said. The Maple 8 group of pension plans includes the Alberta Investment Management Corporation (AIMCo), the British Columbia Investment Management Corporation (BCI), la Caisse de dépôt et placement du Québec (CDPQ), the Canadian Public Pension Investment Board (CPPIB), the Ontario Municipal Employees Retirement System (OMERS), Healthcare of Ontario Pension Plan (HOOPP), Ontario Teachers Pension Plan (OTPP) and Public Sector Pension Investment (PSP). One of these funds, the CPP investment board, did not respond to a request for an interview. During his long career in venture capital, Albinson raised billions for startups and scaleups. For 20 years he was based in Silicon Valley, and returned to Canada in 2021 when he became the CEO of Communitech. Shortly after arriving at Communitech, he launched the True North Fund that raised $2.8 billion in its first year — more venture capital than the previous 10 years combined for Communitech. President Trump's threats against Canada's economy and territory need to be taken seriously, and the big pension funds should be part of Canada's push back, he said. During 2024, the biggest venture capital deal was the $1.24 billion raised by B.C.-based Clio, a software maker for the legal sector. It was one of the biggest software fundraising rounds in Canadian history. 'There wasn't a single Canadian investor,' said Albinson. Last year was a continuation of a decade-long trend. 'Over the last 10 years, 66 per cent of $40 billion that has been invested in our best companies has been U.S. investors,' said Albinson, citing numbers collected by the Canadian Venture Capital & Private Equity Association. 'Said differently, over the last decade we have sold 66 per cent of the ownership of our best companies to the U.S.' Canada's tech sector has 86 companies generating at least $100 million annually. It has four, private, venture-backed companies generating $1 billion annually, and two of those are in Waterloo Region. 'It's awesome that we have all these high performing companies, and they are at scale, they are on the cusp of being these global champions to really drive the flywheel over, we just sold off control of those companies to the U.S. in the last decade,' said Albinson. The one exception among the Maple 8 is la Caisse de dépôt et placement du Québec, which has a policy of investing in Quebec and Canadian tech. In 2022, the Caisse led one of the biggest funding rounds in the history of Waterloo Region tech, a $250 million investment in the cybersecurity Unicorn eSentire. The Caisse investment was the biggest part of a $325-million raise. The U.S., U.K., Scandinavian countries and others require their pension plans to invest in their innovation economies. Canada has no such requirement. 'Every other G7 country invests five to six per cent of their pension assets in their future, in their innovation engines, to keep them rooted in the country,' said Albinson. 'We are the only one that doesn't, and it drives me mad.' Canada Pension Plan Investment Board posted online its annual report for the last fiscal year that ended March 3. Investments generated a return of 9.3 per cent for fiscal year 2025. That $59.8-billion return is from investments in the U.S. (47 per cent), Europe (19 per cent), China and Asia (17 per cent), and Canada (12 per cent). It paid out more than $4 billion in fees and bonuses to external managers. In 2005, Ottawa removed any requirements on pension plans to invest in Canadian tech or any other sector of the economy, said Matt Roberts, a Toronto-based investor. At the time, the pension lobby implied that Canadian companies would get about 45 per cent of all the investments from Canadian pension funds, but that did not happen, he said. 'I would like them to put more money into Canada and figure it out,' said Roberts, co-founder and general partner at CMD Capital. 'Find the best investments in Canada, and if it's venture capital, wonderful, if it's not, fine.' The lack of investment in Canada by Canadian pension funds is hurting all sectors of the economy, he said, not just tech. 'When you send a dollar outside Canada you are losing the multiplier effect of that economic activity,' said Roberts. Prime Minister Mark Carney's government should require minimum levels of investment in Canada by the Maple 8, he added. A preliminary report on the subject went to the federal cabinet last fall, but was never made public. 'We have more money in China through CPP than we have in Canada,' said Roberts. 'Most Canadians I don't think would be happy with that. I think Canadians now want to invest in Canada, the problem we have now is it requires significant change.'
CBC
23-05-2025
- CBC
What's preventing you from buying Canadian?
Coming up on Cross Country Checkup.... We've been told for months now to 'Buy Canadian'. And some experts say there's at least anecdotal evidence it's working. But labels can be confusing, and so-called 'maple-washing' can make the process more complicated. What's preventing you from buying Canadian? What questions do you have? Plus, from heirloom china – to vintage turntables, what are you going to do with all those family keepsakes that you don't need or don't want? Join Ian Hanomansing on CBC Radio One, CBC Listen and CBC News Network. Call Checkup at 1-888-416-8333, or text 226-758-8924 or go to .
Calgary Herald
18-05-2025
- Business
- Calgary Herald
‘Buy Canadian' boosts local beauty industry. Will tariffs end up reversing that?
Article content For Indigenous-owned Cheekbone Beauty Cosmetics Inc., the impact of the Buy Canadian movement has been unmistakable. Article content Article content Jenn Harper, founder of the St. Catharines, Ont.-based cosmetics brand, said the company saw a 52 per cent increase in business in the period between January and April, compared with the same period last year — with a 190 per cent surge in March specifically. Article content Article content Harper said her company has seen significant growth during politically driven events before, such as in 2020 with the Black Lives Matter movement. But they have always been temporary boosts to the business. She is more optimistic about the current growth Cheekbone Beauty is experiencing due to the number of customers who have become repeat buyers. Cheekbone Beauty's sales revenues are in the seven-figure range, with e-commerce sales for 2025 anticipated to grow 40 per cent from 2023, the company said. Article content Article content '(We want) to really become a Canadian makeup brand that all Canadians know about,' Harper said. 'We are here to build a brand that's going to last generations, just like our Indigenous roots.' Article content Article content Article content Cheekbone isn't the only Canadian cosmetics company that has seen heightened interest and loyalty from Canadian beauty buyers in response to the trade war launched by the Trump administration in January: Industry players both small and large told the Financial Post they are seeing sales surge, and are optimistic the change will last. Article content Article content 'We have seen a groundswell of activity and ultimately maybe a permanent shift in consumer behaviour to support Canadian business,' said Charles Wachsberg, the co-founder of Apollo Healthcare Corp., a major Canadian health and beauty private label manufacturer headquartered in Toronto. Wachsberg said the company has produced more than 64,000 products, including lotions, shampoos, baby products and pet products. The company was taken private for $327 million in 2021 and has nine-figure sales, the company said.
