Latest news with #FirstMileFund
Globe and Mail
16-04-2025
- Business
- Globe and Mail
Invest in Canada with these ETFs through the Trump Tariffs
Following April 2nd, the day on which President Trump's reciprocal tariffs were announced, many nations across the globe are holding their ground and indicating the responsive actions they are willing enact. Most U.S. tariffs on Canada remain unchanged: 25% on all goods except those covered by NAFTA. Energy and potash face a lower 10% tariff, while Canadian steel and aluminum still incur a 25% levy. Canadian Prime Minister Mark Carney has vocalized his willingness to take responsive actions against President Trump's tariffs, stating, 'We will fight the U.S. tariffs with retaliatory trade actions of our own that will have maximum impact in the United States and minimum impacts here in Canada,' at a news conference. However, the Prime Minister is also seemingly taking proactive measures to remove and/or minimize trade barriers between the provinces, as detailed in a memo released by the Prime Minister following a meeting with provincial and territorial premiers. As detailed in the memo, the Prime Minister and provincial leaders aim to unlock Canada's economic industries through a suite of initiatives that will leverage the country's natural resources and drive investment, thereby creating jobs and fostering economic growth. Some of these initiatives include: The creation of a First Mile Fund, building transportation networks to connect energy extraction sites to rail lines and roads. By providing capital to finance these key infrastructure projects across the country, the Government of Canada will expedite project construction and create a more integrated and accessible Canadian economy. A 'one window' approval process, streamlining approvals for large-scale, national-interest infrastructure projects. This new measure will create clear, predictable, and efficient review processes–with the highest standards for safety, environmental protection, and Indigenous consultation–and reduce uncertainty for investors. A contribution agreement of up to $200 million toward the construction, commissioning, and operation of a new Indigenous majority-owned Cedar LNG processing facility. A partnership between the Haisla Nation and the Pembina Pipeline Corporation, this project will create hundreds of highly skilled construction and trades jobs, generate over $275 million in economic growth, and get Canadian energy to domestic and international markets. A $175 million investment in the Hudson Bay Railway and at the Port of Churchill, in Manitoba. This critical investment in Canadian trade and railway infrastructure will expand and open new transportation corridors, bolster economic growth and reconciliation in the Canadian Arctic and North, and help get Canadian products to global markets. Investing in Canadian Industry Against the backdrop of a trade war with the U.S., Canadians' sense of patriotism has risen, with many consumers seeking to purchase goods made in Canada. Simultaneously, firms are showcasing their support for sentiment. For example, Loblaw Companies, the nation's largest retailer with multiple grocery chain banners, is identifying made-in-Canada products in-store with a maple leaf. On the other hand, a 'T' symbol — standing for 'tariffs' — has been affixed to products sourced from the United States. In the realm of investing, Global X Canada has recently launched a 'Best of Canada ETF' suite, offering investors access to leading Canadian companies within their respective industries. Through these solutions, Canadian investors have turnkey access to firms that are the nation's economic leaders. The ETFs within the suite are: The Global X Equal Weight Canadian Telecommunications Index ETF (Ticker: RING) seeks to replicate the performance of an equal-weighted index, the Mirae Asset Equal Weight Canadian Telecommunications Index, which is designed to provide exposure to the largest Canadian telecommunication companies. The Global X Equal Weight Canadian Groceries & Staples Index ETF (Ticker: MART) seeks to replicate the performance of an equal-weighted index, the Mirae Asset Equal Weight Canadian Groceries & Staples Index, which is designed to provide exposure to the largest Canadian food and staples retail companies. The Global X Equal Weight Canadian Insurance Index ETF (Ticker: SAFE) seeks to replicate the performance of the Mirae Asset Equal Weight Canadian Insurance Index, an equal-weighted index designed to provide exposure to the largest Canadian insurance companies. The Global X Equal Weight Canadian Banks Index ETF (Ticker: HBNK) seeks to replicate the performance of an index, the Solactive Equal Weight Canada Banks Index, an equal-weighted equity index of diversified Canadian banks. The Global X Equal Weight Canadian Oil & Gas Index ETF (Ticker: NRGY) seeks to replicate the performance of the Mirae Asset Equal Weight Canadian Oil & Gas Index, an equal-weighted index designed to provide exposure to the largest Canadian oil and gas companies. The Global X Equal Weight Canadian Pipelines Index ETF (Ticker: PPLN) seeks to replicate the performance of an equal-weighted index, the Mirae Asset Equal Weight Canadian Pipeline Index, which is designed to provide exposure to the largest Canadian Pipeline companies. The Global X Equal Weight Canadian Utilities Index ETF (Ticker: UTIL) seeks to replicate the performance of the Mirae Asset Equal Weight Canadian Utilities Index, an equal-weighted index designed to provide exposure to the largest Canadian utility companies. For Canadian investors looking to invest in the nation's leading industries, Global X's Best of Canada ETF suite provides a suitable avenue for doing so. Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
Yahoo
26-03-2025
- Automotive
- Yahoo
Carney: 'We will build a stronger auto industry'
Canadian Prime Minister Mark Carney spoke today from the Ambassador Bridge in Windsor, Ontario. During his speech, Carney emphasized the importance of Canada's automotive industry and announced a 'Strategic Response Fund' of CAD$2 billion ($1.4 billion USD) to bolster the Canadian auto industry and its supply chain in response to the U.S.'s April 2 auto tariffs. In his opening remarks, the newly appointed Prime Minister highlighted the significance of the Ambassador Bridge, noting that over a quarter of all Canada-U.S. trade—amounting to more than $400 million daily—passes through it. He warned that U.S. President Donald Trump's tariff threats and actions have strained relations between the two nations to unprecedented levels, stating, 'His trade war threatens to hurt hardworking Canadians—the people we care about.' Carney reiterated that his government will channel all revenue from Canada's retaliatory tariffs into supporting the workforce. He outlined several measures already in place: waiving the one-week insurance waiting period for workers, introducing a middle-class tax cut saving families up to CAD$825 annually, implementing $10-a-day childcare, and launching the Canadian Dental Care Plan. Focusing on the auto industry, the Prime Minister stressed that vehicles are Canada's second-most-exported product, directly supporting over 125,000 jobs and nearly 500,000 more indirectly. 'Canadian autoworkers don't just build vehicles; they build Canada,' Carney declared. He then unveiled the 'Strategic Response Fund,' a CAD$2 billion initiative to protect autoworkers' jobs from the impact of Trump's tariffs and strengthen the auto industry's supply chain. The former banker elaborated, 'Under our new plan, we will build an 'All-In Canada' network for auto manufacturing components. On average, an auto part crosses the border, often over that bridge, six times before assembly. In a trade war, that's a huge vulnerability.' Carney expressed his ambition to increase vehicle production in Canada, viewing it as both a shield against U.S. tariffs and an economic driver. He also pledged to accelerate growth in the critical minerals sector, referencing the 'First Mile Fund' established last Friday to connect mineral extraction sites to infrastructure. To streamline approvals, he announced a 'one-window approval process' to eliminate redundant federal requirements. Shifting to politics, Carney took aim at Conservative Party leader Pierre Poilievre, his election rival, echoing criticisms from a speech the previous day. He described Poilievre as negative, angry, and divisive, drawing a parallel to U.S. President Donald Trump: 'Someone who worships Donald Trump will kneel before him, not stand up to him.' Carney is campaigning as head of the Liberal Party against Poilievre's Conservatives in an election set to begin April 28. He concluded, 'We will build a stronger, more resilient auto industry. We will build Canada strong.' Related Articles Carney: 'We will build a stronger auto industry' China's vice premier raises 'solemn concerns' over tariffs in talks with US trade chief US Treasury's financial crimes unit won't require ownership reporting from US firms
Yahoo
26-03-2025
- Automotive
- Yahoo
Carney: 'We will build a stronger auto industry'
Canadian Prime Minister Mark Carney spoke today from the Ambassador Bridge in Windsor, Ontario. During his speech, Carney emphasized the importance of Canada's automotive industry and announced a 'Strategic Response Fund' of CAD$2 billion ($1.4 billion USD) to bolster the Canadian auto industry and its supply chain in response to the U.S.'s April 2 auto tariffs. In his opening remarks, the newly appointed Prime Minister highlighted the significance of the Ambassador Bridge, noting that over a quarter of all Canada-U.S. trade—amounting to more than $400 million daily—passes through it. He warned that U.S. President Donald Trump's tariff threats and actions have strained relations between the two nations to unprecedented levels, stating, 'His trade war threatens to hurt hardworking Canadians—the people we care about.' Carney reiterated that his government will channel all revenue from Canada's retaliatory tariffs into supporting the workforce. He outlined several measures already in place: waiving the one-week insurance waiting period for workers, introducing a middle-class tax cut saving families up to CAD$825 annually, implementing $10-a-day childcare, and launching the Canadian Dental Care Plan. Focusing on the auto industry, the Prime Minister stressed that vehicles are Canada's second-most-exported product, directly supporting over 125,000 jobs and nearly 500,000 more indirectly. 'Canadian autoworkers don't just build vehicles; they build Canada,' Carney declared. He then unveiled the 'Strategic Response Fund,' a CAD$2 billion initiative to protect autoworkers' jobs from the impact of Trump's tariffs and strengthen the auto industry's supply chain. The former banker elaborated, 'Under our new plan, we will build an 'All-In Canada' network for auto manufacturing components. On average, an auto part crosses the border, often over that bridge, six times before assembly. In a trade war, that's a huge vulnerability.' Carney expressed his ambition to increase vehicle production in Canada, viewing it as both a shield against U.S. tariffs and an economic driver. He also pledged to accelerate growth in the critical minerals sector, referencing the 'First Mile Fund' established last Friday to connect mineral extraction sites to infrastructure. To streamline approvals, he announced a 'one-window approval process' to eliminate redundant federal requirements. Shifting to politics, Carney took aim at Conservative Party leader Pierre Poilievre, his election rival, echoing criticisms from a speech the previous day. He described Poilievre as negative, angry, and divisive, drawing a parallel to U.S. President Donald Trump: 'Someone who worships Donald Trump will kneel before him, not stand up to him.' Carney is campaigning as head of the Liberal Party against Poilievre's Conservatives in an election set to begin April 28. He concluded, 'We will build a stronger, more resilient auto industry. We will build Canada strong.' Related Articles Carney: 'We will build a stronger auto industry' China's vice premier raises 'solemn concerns' over tariffs in talks with US trade chief US Treasury's financial crimes unit won't require ownership reporting from US firms
