Latest news with #Canada-U.S.-MexicoAgreement
Yahoo
4 days ago
- Business
- Yahoo
Carney promises to curb non-U.S. steel imports as domestic industry sends out distress signals
Prime Minister Mark Carney promised to further crack down on the amount of cheap, foreign steel entering the Canadian market by the end of the month, as the domestic industry continues to be clobbered by U.S. President Donald Trump's tariffs. Carney made the announcement in Hamilton on Wednesday morning, eliciting a sigh of relief from an industry that has already seen layoffs and lower production levels in the weeks since the U.S. imposed steep import taxes. In June, the government announced changes to the tariff quota system, which allows a set level of product to enter Canada at a lower tariff rate, by limiting steel imports from countries that don't have free trade agreements to 2024 import levels. But that quota was criticized by the industry as still being too high. Canadian steelmakers have long alleged that foreign companies are supplying steel to the Canadian market at ultra-low prices, a practice commonly known as dumping, making it hard for them to compete. WATCH | Carney says Canada's steel industry needs to be protected: Carney said the quota changes "will ensure Canadian steel producers have a bigger share of the Canadian market." Steel products from non-free trade agreement partners, which include China and Turkey, will see the tariff rate quota level tighten to half of 2024 volumes. A 50 per cent tariff will be imposed on any imports beyond those levels, Carney said. Ottawa is also moving to clamp down on steel products from non-U.S. partners who do have free trade agreements with Canada. The federal government said a 50 per cent tariff will apply to imports surpassing 2024 volumes. Carney said Canada will implement additional tariffs of 25 per cent on imports from all non-U.S. countries containing steel melted and poured in China. "Imports supply almost two-thirds of current Canadian consumption of steel, compared to less than one-third for the United States and less than one-sixth for the European Union," Carney said. Existing arrangements with the Canada-U.S.-Mexico Agreement (CUSMA) will remain the same, he said. Carney announced no changes to U.S. counter-tariffs as the two countries work toward their Aug. 1 deadline. Steel association happy with changes Catherine Cobden, president and CEO of the Canadian Steel Producers Association, said she listened to the announcement "with relief." "It's certainly a much better place than where we were yesterday," she said of the quota changes. She said the new caps will help Canadian steelmakers "recapture domestic market." "I can't sit here and tell you that it will completely offset the loss from the United States, but it will help us," Cobden said. The industry has been hobbled after Trump first imposed 25 per cent tariffs on the Canadian steel and aluminum sectors in March, citing national security concerns. He hiked the tariffs to 50 per cent in June. Cobden said there was a 30 per cent drop in steel production in May. Her group is bracing for a further plummet once the numbers reflecting the 50 per cent tariff are available. Carney also announced further investments in Canadian steel companies, including $70 million to provide training and income support for up to 10,000 affected steel workers and $1 billion through the Strategic Innovation Fund (SIF) to help steel companies advance projects. The prime minister said Canada's new government will prioritize Canadian steel to build projects including "millions of homes, ports, bridges, energy infrastructure and our security and defence capabilities." To do that, Carney said changes are coming to the procurement process requiring companies contracting with the federal government to source Canadian steel for government contracts. Carney says deal without some tariffs is unlikely Carney's announcement comes a day after he suggested Canadians may have to accept some tariffs as part of a new agreement with the United States. He did not say how the government will respond if current tariffs remain in place after the Aug. 1 deadline. Cobden, the steel association head, said her industry is "not interested in a baseline tariff." WATCH | Carney expects tariffs to be part of trade deal: Bloc Québécois Leader Yves-François Blanchet accused Carney of backpedalling. "He has renounced and made compromises on many things so far without achieving anything in the delays he himself has created and announced," he told reporters on Parliament Hill Wednesday. "He should never have said he will restore the full free trade agreement; he should not have said that because now he has to admit his own failure." WATCH | Carney 'has to admit his own failure,' Blanchet says: Conservative Leader Pierre Poilievre said Tuesday Carney's tariff remarks were "another unilateral concession from a man who said he would never back down to the U.S. president." Poilievre was also critical of Carney's decision late last month to scrap the digital services tax (DST) — a move Trump demanded to continue trade negotiations. The Conservative accused Carney of putting his "elbows down" by cancelling the tax targeting large technology firms "at the 11th hour."
Cision Canada
4 days ago
- Business
- Cision Canada
PacifiCan investment to boost trade and export success for B.C. businesses
Minister Robertson announces $2.5M investment for companies across B.C., highlighting PacifiCan's impact across the Southern Interior KELOWNA, BC, July 16, 2025 /CNW/ - As one of Canada's fastest-growing cities, Kelowna, a regional hub in B.C.'s interior, is powered by a diverse economy, a thriving tech sector, and a strong spirit of entrepreneurship. PacifiCan has offices across the province, including Kelowna, supporting the entrepreneurs and innovators driving B.C.'s future. Since 2021, PacifiCan has invested over $47M in 156 projects across the Southern Interior, with over $28M in 65 projects specifically in Kelowna and nearby communities in the Thompson-Okanagan. These investments are fueling key sectors like tech, tourism, and manufacturing – creating well-paying jobs, and helping the region remain a hub of innovation and opportunity. Today, the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada (PacifiCan), announced an investment of $2.5M to help businesses in Kelowna and throughout B.C. find opportunities for growth in new markets and manage the impacts of tariffs. Through this investment, $1.2 million will allow Community Futures British Columbia (CFBC) to continue delivering the Export Navigator program, which helps B.C. businesses become export-ready. Export Navigator pairs businesses with expert advisors in regions across the province who provide personalized guidance to help them achieve their export goals. To date, Export Navigator has helped more than 1,200 businesses begin their export journey, including 280 businesses in the Thompson-Okanagan alone. This initiative also received $1.2 million from the Province of B.C. The remaining $1.3 million of PacifiCan investment will help CFBC and the Greater Vancouver Board of Trade (GVBOT) support B.C. businesses as they adjust to a changing economy and meet requirements of the Canada-U.S.-Mexico Agreement (CUSMA) through two specialized initiatives: $900,000 for CFBC to launch the CUSMA Compliance Advisory Services Initiative (CCASI), delivered through Export Navigator. This initiative will provide expert advisory services and up to $5,000 to help businesses cover the costs of becoming CUSMA compliant. $380,500 for GVBOT to deliver a series of webinars and in-person workshops in six B.C. communities. These sessions will connect businesses with experts, including customs brokers, lawyers and other professionals, who will provide valuable guidance on CUSMA compliance. As the Government of Canada works towards building one Canadian economy, PacifiCan will continue helping businesses across B.C. remove barriers and unlock new trade opportunities. Quotes "British Columbia is home to a powerful ecosystem of innovators and entrepreneurs, including right here in Kelowna. As the global economy evolves, it is essential that British Columbians have the tools they need to succeed. With this investment, PacifiCan is empowering local businesses to tap into new markets, adapt to a changing economy, and thrive in one Canadian economy." -The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada "Our Export Navigator program is boosting regional economies and creating new jobs by helping B.C. businesses to expand into markets across Canada and around the world. Together with PacifiCan's timely and far-reaching investments across B.C., we are helping to grow the number and diversity of exporters in the province – key goals in B.C.'s Trade Diversification Strategy – as we navigate the current geopolitical challenges." -The Honourable Diana Gibson, Minister of Jobs, Economic Development and Innovation, Province of BC "We're grateful for the meaningful support offered by PacifiCan, which allows Export Navigator to continue helping B.C. businesses succeed in new markets. This important funding to CFBC ensures Export Navigator's ability to provide support for businesses throughout communities in urban and rural British Columbia. CUSMA compliance is a key factor for businesses navigating trade with our US partners. Additional funding for the CUSMA Compliance Advisory Services Initiative will assist businesses to access trade consultants and specialists, helping guide them through the complex world of trade." -Kath Britton, Director of Program Operations, Export Navigator "Trade rules and compliance requirements can be a major hurdle for small and medium-sized businesses. With this support from PacifiCan, the Greater Vancouver Board of Trade and World Trade Centre Vancouver are proud to help businesses across B.C. build the knowledge and confidence they need to preserve market access, reduce risk, and protect sales and revenue." -Bridgitte Anderson, President and CEO, Greater Vancouver Board of Trade Quick Facts The U.S. is B.C.'s primary export market and represented 57.3% of exports in 2022. For a product to qualify under CUSMA, it must meet certain rules about where and how it was made. Exporters must get a Certificate of Origin to show their product meets these rules. This certificate allows them to get reduced tariffs when trading with the U.S. and Mexico. Since 2019, PacifiCan (and its predecessor, Western Economic Diversification Canada) has provided $4.8M to Export Navigator through two additional projects to help companies across B.C. become export ready and take advantage of international market opportunities. In March 2025, PacifiCan announced $500,000 to help the Greater Vancouver Board of Trade launch their Trade Accelerator Program, which helps companies unleash their export potential. Community Futures British Columbia and its 34 independent member offices are non-profit organizations that support economic growth in rural communities across the province. They are part of PacifiCan's Pacific Business Services Network (PBSN). Associated Links PacifiCan Community Futures British Columbia Export Navigator Greater Vancouver Board of Trade Stay connected Follow PacifiCan on X and LinkedIn Toll-Free Number: 1-888-338-9378 TTY (telecommunications device for the hearing impaired): 1-877-303-3388 SOURCE Pacific Economic Development Canada
National Observer
4 days ago
- Business
- National Observer
Little evidence to suggest a U.S. trade deal can be reached without tariffs: Carney
A trade deal with the United States will likely include some tariffs, Prime Minister Mark Carney indicated on Tuesday ahead of a meeting with his cabinet. Carney told reporters he expects the trade talks with the U.S. to "intensify" ahead of the Aug. 1 deadline to secure a new agreement, but then in French he said the evidence suggests President Donald Trump will not make any tariff-free deals. "We need to recognize that the commercial landscape globally has changed. It's changed in a fundamental manner," Carney said. "We will continue to focus on what we can most control, which is building a strong Canadian economy, and that's part of what we'll be discussing in cabinet today." Carney singled out work to make "stronger" auto, aluminum and copper sectors — all industries specifically targeted by American tariffs. Carney scheduled the cabinet meeting last week after Trump sent a letter laying out his plan to levy 35 per cent tariffs on Canada on Aug. 1. It was held virtually. Industry Minister Melanie Joly, who was in Halifax giving a speech, told reporters following the meeting that cabinet had "good and thorough" conversations on Canada-U.S. relations following the cabinet meeting at a press conference in Halifax. "The goal is to ensure at the end of the day that we are protecting Canadian workers and we are making sure that Canada and Canadian's interest are protected," Joly said. Joly did not take questions from reporters before she entered another meeting. The prime minister is also set to meet with Canada's premiers next week. Jean Simard, CEO of the Aluminum Association of Canada, said in an interview with The Canadian Press that it seems "more and more evident" that countries will have to pay some sort of tariff to deal with the U.S. "I think the hope for Canada is because we have a very strong and well-established agreement with the U.S. called the USMCA, that at the end of the day USMCA compliance access will remain," Simard said in reference to the Canada-U.S.-Mexico Agreement on trade. Trump outlined his 35 per cent tariff plan to Carney in a letter sent on July 10. A White House official later said that new tariff won't apply to goods that are compliant with the Canada-U.S.-Mexico Agreement on trade. Canada typically refers to that agreement as CUSMA, while the U.S. tends to call it the USMCA. That same official added that formal paperwork had not been produced to establish the new tariff level and Trump had not yet made a final decision about how it would be applied and things could still change. About 38 per cent of Canada's exports to the U.S. claimed preferential treatment under CUSMA, though the number that could apply for the exemption is much higher. Canada has yet to respond formally to the latest threat, or to Trump's recent moves to impose lofty tariffs on copper imports and double existing levies on steel and aluminum. Carney and Trump agreed last month to work toward a new trade and security pact by July 21, but the U.S. president unilaterally pushed back the timeline to secure a deal. Carney has said he would wait until the deadline before adjusting Canada's counter tariffs on U.S. goods, based on where the U.S. tariffs were at then. Simard said the industry needs to see more short-term support "very soon". "Markets have already reacted to a 50 per cent tariff on aluminum. It's not good. It's very destructive. It is very bad for the U.S. aluminum downstream industry and it's not good for us," Simard said. Canada is the largest supplier of steel and aluminum to the U.S. The metals sector has seen job losses and decreased orders since Trump imposed tariffs. Trade deals the U.S. has announced since Trump returned to office all include some level of tariff. The trade deal with the U.K. includes a 10 per cent tariff on most goods, while the deal with Vietnam includes a 20 per cent tariff on Vietnamese goods and a 40 per cent levy on goods being shipped through the South Asian nation. Before boarding Marine One to head to Pennsylvania Tuesday afternoon, Trump said that a new trade deal with Indonesia will include 19 per cent tariffs, and no levy for the U.S. 'They are going to pay 19 per cent and we are going to pay nothing,' he said. 'I think it's a good deal for both parties." Trump said a few more deals will be announced. 'India basically is working along that same line — we are going to have access to India,' Trump said. Trump said Monday that he saw the letters he sent to Canada, the European Union and Mexico about increased tariffs rates as "the deals." "I watched a show this morning and they were talking about, 'Well when's he going to make the deal?' The deals are already made. The letters are the deals. The deals are made. There are no deals to make," Trump said during an Oval Office meeting with NATO Secretary-General Mark Rutte. Trump repeated Tuesday that he saw his letter to the European Union threatening 30 per cent tariffs as the deal, but added the two sides are still in talks. The Trump administration may begin to face increased domestic pressure because of rising costs on consumer goods because of the global tariff campaign. U.S. inflation rose to its highest level since February as Trump's sweeping tariffs push up the cost of a range of goods including furniture, clothing and large appliances. American consumer prices rose 2.7 per cent in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4 per cent in May. On a monthly basis, prices climbed 0.3 per cent from May to June, after rising just 0.1 per cent the previous month In Canada the annual pace of inflation accelerated to 1.9 per cent in June as consumers were paying more at car dealerships, Statistics Canada said Tuesday. The June price hike is up from 1.7 per cent in May and was largely in line with economists' expectations
Yahoo
4 days ago
- Business
- Yahoo
Posthaste: Food manufacturers take drastic measures to fight U.S. tariffs
Canadian food manufacturers and distributors are frantically renegotiating longstanding contracts and trying to expand their footprint internationally to combat steep United States tariffs, according to a recent report by Richter LLP. Canadian exporters face a blanket 25 per cent tariff from the U.S., though many exports are exempt if they comply with the Canada-U.S.-Mexico Agreement. To make matters worse, U.S. President Donald Trump has threatened to hike the tariffs to 35 per cent on Aug. 1. 'Tariff disruption is no longer a temporary hurdle; it is a defining feature of the North American trade environment,' the report said. 'Companies that fail to evolve will remain exposed.' Canada's food industry already heavily relies on U.S. trade, with more than 60 per cent of its agri-food exports heading south, according to the Canadian Federation of Agriculture (CFA). 'With protectionist sentiments on the rise, our cross-border supply chains face serious risks,' the CFA said on its website. 'Now, more than ever, dialogue, advocacy and collaboration are essential to ensure our agricultural sectors remain strong and mutually beneficial.' To protect themselves, food manufacturers have renegotiated deals with longtime suppliers, added clauses into their contracts and have looked at exporting their products to Asia, Mexico or Europe. 'There is now a shift from transactional purchasing to more strategic, risk-aware procurement,' the Richter report said. 'Some companies have successfully negotiated volume-based discounts or revised payment terms with suppliers, relying on scale or long-term partnership potential to reduce exposure to tariff-driven price fluctuations.' The measures have had varying levels of success, however, because many food suppliers have significant pricing power, the report said, leaving some manufacturers with no choice but to accept the costs. Despite the measures meant to mitigate tariffs, a lot of the cost increases are still passed down to the consumer. 'To manage rising input costs, many food operators have implemented selective price increases, the report said. 'However, customer resistance, particularly in value-driven segments, continues to limit how much of those increases can be passed through.' As food costs climb, manufacturers are considering different price models to keep costs down, including bundling items together as demand for higher-end products slows. Richter recommends food manufacturers diversify their supplies, get creative to bypass tariffs, use analytics to forecast tariff scenarios and reduce their reliance on the U.S. market by looking elsewhere. to get Posthaste delivered straight to your inflation rate climbed to 1.9 per cent in June, up from 1.7 per cent in May. Prices climbed in seven of the major categories within the index, while gas prices fell at a slower rate compared to May, which helped prop the inflation figures higher. Without energy, inflation rose to 2.7 per cent. Economist say the inflation numbers all but end speculation of another interest rate cut later this month. Read more here. Prime Minister Mark Carney will make an announcement on the steel industry while touring a Hamilton, Ont., steel plant this morning. G20 finance ministers and central bank governors meeting in South Africa continues Today's Data: U.S. producer price index for June Earnings: Johnson & Johnson, Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc., Kinder Morgan Inc., United Airlines Holdings Inc. Canada's inflation rate heats up in June Latest inflation numbers slam door 'shut' on Bank of Canada July rate cut, say economists CRA keeps messing up despite an increased headcount and bigger budget 'I don't think we are bouncing back': Struggling Toronto housing market could remain fragile through 2025, realtors say Landlords can often claim tax deductions on a rental unit in the event of losses from the property, amounting to up to 54 per cent depending on the province, but the property must be rented with the purpose of making money. Recently, one landlord was denied tax deductions after rental to their mother at a severely discounted rate, with the judge noting that the property could not have been a business at that rate and was instead a personal venture. Read more here. Recently, we published a feature on the death of the summer job as student unemployment reaches crisis levels. We want to hear directly from Canadians aged 15-24 about their summer job search. Send us your story, in 50-100 words, and we'll publish the best submissions in an upcoming edition of the Financial Post. You can submit your story by email to fp_economy@ under the subject heading 'Summer job stories.' Please include your name, your age, the city and province where you reside, and a phone number to reach you. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@ with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ Canadians are still saving, but habits are shifting amid market turmoil Here are 5 Canadian cities where you can make less and still buy a home 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
Global News
4 days ago
- Business
- Global News
Carney to meet with steelworkers as U.S. trade talks continue
Prime Minister Mark Carney is scheduled to be in Hamilton today to make an announcement related to the steel industry. It has been more than a month since U.S. President Donald Trump doubled tariffs on steel and aluminum from 25 to 50 per cent, adding further economic insult to the two industries in Canada. Carney met with his cabinet virtually on Tuesday and told reporters before that meeting he doesn't think Trump will agree to any trade deals without including some tariffs. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Carney will tour a steel company in the city and meet with workers during his visit to Hamilton. 0:53 Carney says talks will 'intensify' as he meets with cabinet amid Trump's 35% tariffs Carney and Trump have been negotiating a new economic and security pact since early May and last week Trump unilaterally pushed the deadline for reaching that from July 21 to Aug. 1. Story continues below advertisement He told Carney in a letter on July 10 Canada will be hit with 35 per cent tariffs that day, with the White House saying the current plan is for that to apply only to those Canadian imports not covered under the existing Canada-U.S.-Mexico Agreement. Carney says negotiations with the U.S. are likely to intensify as that Aug. 1 deadline approaches.
