Latest news with #InvestissementQuébec
CBC
30-03-2025
- Business
- CBC
Europe's rearmament an 'extraordinary opportunity' for Quebec, Legault says
Quebec Premier François Legault believes Europe's rearmament presents an "extraordinary opportunity" for his province as it tries to diversify trade away from the United States. Legault told a gathering in Hanover, Germany, that Europe plans to spend hundreds of billions of dollars on defence in the coming years, as U.S. President Donald Trump has signaled he may no longer be willing to protect Canada or the European Union. The chief of the EU's executive has proposed an 800-billion-euro defence plan that aims to lessen the impact of potential U.S. disengagement and support Ukraine in its war with Russia. Legault says several Quebec sectors could contribute to that effort, including shipbuilding, aerospace, critical minerals and artificial intelligence. Legault is in Germany until April 2 on an economic mission aimed at seeking new partners amid Trump's tariff threats against Canada. He wrote on social media Sunday that Quebec must transform the worry and anger around the trade war into an opportunity to redefine and strengthen its economy. In his address to Quebec's delegation to Germany, Legault sent a pointed message to Trump, who has imposed a 25 per cent duty on Canadian aluminum. Legault noted that Quebec supplies 60 per cent of U.S. aluminum needs. "Now, Mr. Trump says, 'I don't need you guys'... Personally, it would give me pleasure to take a good portion of our aluminum and find places, Germany among others, to send it," he said, adding that would force Trump to "find aluminum elsewhere." The president of the province's investment arm, Investissement Québec, acknowledged it would be difficult to penetrate the European defence market, but not impossible given the expertise in the province. "I think there is certainly an opportunity in defence for Quebec, whether it's at the level of helicopters, planes, flight simulators," Hubert Bolduc said.
CBC
06-03-2025
- Business
- CBC
Quebec to table budget March 25 with focus on infrastructure, tariffs
Quebec's finance minister will table the province's next budget on March 25, with a focus on shoring up businesses and workers amid the economic disruption of U.S. tariffs. Eric Girard says the budget for the 2025-26 fiscal year will be a chance to present the province's plan to "support Quebec in the face of economic uncertainty." Quebec Premier François Legault said earlier this week he had asked Girard to include funding to speed up major infrastructure projects, including for schools, hospitals and transportation. The premier also said the budget would include funding for the province's investment arm — Investissement Québec — as well as newly announced loan programs for businesses threatened by the 25 per cent tariffs the U.S. imposed on Canadian goods on Tuesday. Girard presented an economic update in November that painted a rosy picture of the province's economic progress, despite a projected $11-billion deficit. Girard previously told reporters the government's goal is to balance the budget by the 2029-30 fiscal year, but it's unclear whether the tariffs will impact that plan.
CBC
04-03-2025
- Business
- CBC
Tariffs could cost Quebecers 160,000 jobs, Legault says
Quebec Premier François Legault is set to address Quebec's response to the United States tariffs on Canadian goods that came into effect at midnight and are expected to hit hard for the province's metals and manufacturing industries. The blanket tariffs, set at 25 per cent, apply to all Canadian goods exported to the U.S. Legault estimates the measure will cost Quebecers around 160,000 jobs over a few months, he told Radio-Canada's Patrice Roy Monday evening before the tariff deadline. He said relief measures will include a liquidity program aimed at businesses affected by the tariffs to support them in the short-term. The CAQ government also wants to stimulate diversification efforts by increasing available funds at Investissement Québec in its upcoming budget. "We must absolutely redraw Quebec's economy," he said. In terms of counter-measures, Legault said he's not excluding anything given the magnitude of the tariff war Canada now finds itself in. "We have to be able to make Mr. Trump pay for decisions that make no sense, even for Americans," he said. WATCH | These are some of the ways tariffs could impact Quebec: Can Quebec afford a tariff battle? 4 days ago Duration 2:40 Nearly eight per cent of Quebec's output is directly linked to U.S. exports. Despite the province's projected $11-billion deficit, experts say Premier François Legault's government has funds set aside for emergencies like this. But they say the province might need to be more surgical in its response. He says what will "hurt" Trump is applying taxes or holding back products like oil, aluminum, electricity and wood, though he didn't say at what point in the tariff war he would consider moving forward with those ideas. The premier is expected to have a virtual meeting with ministers before holding a news conference at 1 p.m. in Montreal with Quebec Minister of the Economy Christine Fréchette. The country's premiers are then expected to meet with Prime Minister Justin Trudeau at 2 p.m
CBC
07-02-2025
- Business
- CBC
If tariffs come into effect, Quebec will offer short-term loans to businesses
Social Sharing Quebec is planning a similar loan program for businesses as it did during the Covid pandemic in the event that United States President Donald Trump moves ahead with tariffs on Canadian goods in March. "It would be like Covid," said Premier François Legault while visiting manufacturers in the Beauce region Thursday. Legault explained that loans would be provided by Investissement Québec "for a short period – one month, two months, three months – so that [companies are] able to get through this period without having too many layoffs." Quebec companies have already announced layoffs, though. Wednesday, Montreal-based tights manufacturer Sheertex announced it would be laying off 40 per cent of its 350-employee workforce while South Shore Furniture said it would be laying off 115 employees. "We have to be realistic: if it lasts a year, two years, four years, we would not be able to finance exports at a loss for a long period," Legault told reporters. The premier didn't specify how much Investissement Québec would be able to dole out, but said the government was preparing for several scenarios, depending on how high the U.S. tariffs are. Legault said he's "not sure that even Mr. Trump knows" what he will do at the beginning of next month. Ottawa has also pledged to help businesses in the event of tariffs, but did not specify any amounts either. WATCH | With tariffs paused until March 4, here's what you need to know: Trade war paused: What Quebecers need to know 3 days ago Duration 2:11 Monday at the National Assembly, Legault called on Quebecers to brace themselves for the "brutal economic attack" that tariffs would wage on the province's economy. Thursday, he told businesses to "bring on the projects" saying he wanted to replace U.S. imports with products made here. Quebec's pension fund manager, the Caisse de dépôt et placement du Québec (CDPQ), announced a program of its own Thursday, offering "personalized" and "flexible" loans to companies looking to increase their productivity. The program will also include support for technological transformation in partnership with Vooban, a Quebec company specializing in applied artificial intelligence and for which CDPQ is a shareholder. Every hour of labour in Quebec contributes an average of $79.40 to the GDP, compared to $104.30 in the U.S. "We absolutely must find ourselves stronger after this crisis, regardless of the tariffs, because the United States, the world order, is being shaken up," said Charles Émond, CDPQ's CEO. "The more efficient and productive we are, the more indispensable we will be to Americans." The CDPQ is also offering to connect local businesses with its network of 5,000 companies in 70 countries aside from the U.S. Businesses can make requests to be part of the program on the CDPQ's website. Émond said the CDPQ would not be pulling its U.S. investments. "That would hurt us more than it would hurt them," the CEO said.
