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 President and CEO, Candace Laing from the Canadian Chamber of Commerce has released a statement on the U.S. decision to double steel and aluminum tariffs.
"Today’s announcement is incredibly destructive. This series of escalations is quickly hitting a ceiling where Americans and Canadians are set to feel the hurt. The stock market volatility is a glaring signal that this economic chaos must end. Canadian steel and aluminum aren’t a nice to have for the U.S., they’re a need to have — literally. These two Canadian metals are the infrastructure that holds up and holds together American defence, homes, cars, energy and countless other symbols of security and strength. Without Canadian steel and aluminum, the U.S. won’t have enough of either metal to satisfy the needs of its demanding economy — or build the bright “golden age” President Trump has promised. This policy is proven to fail. The last time these sectors were tariffed during President Trump’s first term, there was a net loss of tens of thousands of American blue-collar jobs. And that was at 25% tariffs on steel and 10% on aluminum. Both the increase and the potential of compounding tariffs will make this go-around significantly more painful and more expensive. Steel and aluminum are about strength; these tariffs do nothing but weaken us both. President Trump may as well hand over North America’s steel and aluminum leadership to China. Instead of adding taxes on taxes and more uncertainty to the mix, we must move away from tariffs and toward a lasting agreement on trade that is respected on all sides."
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 Today, the government of Canada announced funding for a variety of initiatives to support businesses and employees across Canada. The following supports will build on the existing services that the government of Canada provides. These include:
In addition the government of Canada, will also updating the Investment Canada Act Guidelines to protect Canadian companies in reviewing foreign investments that could threaten national security. Along with supporting businesses, the government of Canada will be introducing temporary flexibilities to the EI Work-Sharing Program to increase access and maximum agreement duration. The Work-Sharing Program provides partial EI benefits to employees who agree with their employer to work reduced hours due to a decrease in business activity beyond their employer’s control. This helps employers retain experienced workers and avoid layoffs and helps workers maintain their employment and skills while supplementing the reduced wages with EI benefits. Click here to view the full press release.  The Canadian Chamber of Commerce(CCC) and Ontario Chamber of Commerce(OCC) have released statements regarding U.S. Tariffs that were recently implemented. Both organizations represent thousands of businesses Canada-wide and province-wide - with the CCC representing over 200,000 businesses and the OCC representing over 60,000 businesses. Both organizations thus provide a critical voice through advocacy.
Read more on the OCC's statement here. Read more on the CCC's statement here,  As of today, U.S. tariffs have been set. These impacts will be felt across our community and Canada-wide.
The government of Canada has released information on the list of products subject to U.S. tariffs. The following can be accessed by clicking here. |
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