Trade Tensions Escalate: Canada's Steel and Aluminum Industry at Risk
Higher U.S. tariffs on Canadian steel and aluminum could lead to job losses and decreased sales, sparking Canada to prepare possible retaliations. As U.S. tariffs rise to 50%, concerns mount over the impact on industries while Canada negotiates to resolve the trade dispute.
Canadian companies and a prominent union expressed concerns on Wednesday over new higher U.S. tariffs on steel and aluminum, stating these measures could lead to significant job losses and reduced sales. Prime Minister Mark Carney indicated that Canada is gearing up to respond if necessary.
The U.S. has increased tariffs on these metals from 25% to 50%, effective immediately. As the largest supplier of these materials to the U.S., with Canada exporting twice as much aluminum as other major exporters, the impact could be swift, according to Lana Payne, President of Unifor.
Tim Houtsma, CEO of Marid Industries, emphasized the challenging situation, predicting that Canadian companies may be forced to explore other markets. Canada intends to retaliate if negotiations fail, while warnings of broader industry impacts loom, including potential layoffs in the auto and aerospace sectors.
(With inputs from agencies.)
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