Governance Updates: 03/13/2025

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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."