Latest news with #CUSMA
Cision Canada
20 hours ago
- Business
- Cision Canada
Canada's aluminium industry welcomes today's announcement on measures to protect its industry Français
MONTREAL, /CNW/ - Canada's aluminium industry welcomes Finance Canada's announcement of a series of measures to protect Canadian aluminium producers and workers. "We find that these announcements strike the right balance between sending a strong signal towards focused and accelerated negotiations and using a measured approach through adaptive counter-tariffs and reciprocal procurement policies," said Jean Simard, President and CEO of the Aluminium Association of Canada. "In this rapidly evolving situation, with potentially high financial impacts due to uncontrollable market reactions, we will need and seek agility and speed for government interventions should we reach the 30-day deadline without a positive resolve," he added. The industry also welcomes the Government of Canada's recognition of the fundamental differences between the aluminium and steel markets, and the need for tailored trade measures that reflect those realities. Smelted and cast and additional tariff measures "During the Government of Canada's consultations on improvements to its aluminium Import Monitoring System, Canada's aluminium industry fully supported the use of "Country of Smelt and Cast" provision to address risks of unfair trade within the CUSMA trading space," said Jean Simard. "This fourth measure announced today, including additional tariff measures, comes at the right time and will hopefully be implemented rapidly." As we did back in 2018, we are looking forward to working with our government and union counterparts, over the coming weeks through the Aluminium Taskforce, providing market and evidence-based information towards efficient, coherent and supportive government decision-making made for the aluminium industry, its workers and communities. About the Aluminium Association of Canada Founded in 1990, the Aluminium Association of Canada (AAC) represents the three Canadian world-class aluminium producers: Alcoa, Alouette, and Rio Tinto. Operating nine smelters in Canada, eight of which in Quebec, employing over 9,500 workers. The AAC and its members are active in the development of best practices in health and safety and responsible low CO 2 production. For more information, visit or X @AAC_aluminium.
Yahoo
a day ago
- Business
- Yahoo
Trump's tariff war: Why Canada may be 'in the best position of any other country'
Canadian companies could be among the winners once the dust settles in U.S. President Donald Trump's global trade war, according to PricewaterhouseCoopers (PWC) Canada. An economist at the 'big four' accounting and consulting firm says certain Canadian exporters have a unique opportunity for growth in the U.S. market as products from China face tougher trade hurdles. Trump was spotted at this week's G7 meeting in Alberta wearing a lapel pin featuring American and Canadian flags. The U.S. president left the summit early on Monday, delaying potential strides by leaders in attendance to address the ongoing U.S.-led trade war. Trump and Prime Minister Mark Carney agreed at the event to strike a deal in 30 days that could resolve the trade conflict between the neighbouring nations. Michael Dobner, PwC Canada's national leader of economics and policy practice, says the current weighted average tariff rate applied to U.S. imports from Canada 'is likely the lowest of any country in the world.' While the Trump administration has placed punishing 50 per cent levies on Canadian steel and aluminum, as well as tariffs on certain automotive imports, the wide slate of goods compliant with the Canada-United States-Mexico Agreement (CUSMA) are currently exempt. Canada is maybe in the best position of any other countryMichael Dobner, PwC Canada's national leader of economics and policy practice 'Canada is maybe in the best position of any other country,' Dobner told Yahoo Finance Canada on Tuesday. 'The negotiation between Canada and the U.S. may further cement Canada's position over other countries as an exporter to the U.S.' This is especially true, he says, for Canadian companies competing against Chinese rivals for buyers in the American market in sectors like industrial equipment and building materials. 'We're going in the right direction as far as the U.S.,' Dobner said. 'If this is cemented in a trade deal with Canada only, Mexico isn't even involved, then that actually puts Canada in a very good position that may make Canada an interesting investment opportunity for foreign companies if they want access to the U.S.' PwC Canada says tighter trade ties between Canada and the U.S. could brighten the former's economic outlook as early as 2026. In a report published on Wednesday, the firm calls for Canadian gross domestic product (GDP) growth to remain well below one per cent for the remainder of 2025. Statistics Canada's latest GDP reading shows the economy grew at an annual rate of 2.2 per cent in the first quarter. Earlier this month, the Bank of Canada warned the economy will be "substantially weaker" in the second quarter of 2025, versus the start of the year as the full impact of U.S. import tariffs hits Canadian businesses. On Wednesday, Bank of Canada Governor Tiff Macklem called Carney and Trump's 30-day timeline for a trade deal 'very welcome news.' 'New U.S. tariffs have already shaken Canadian exporters. After an initial pull forward to get ahead of tariffs, exports to the United States have fallen sharply,' Macklem told reporters in Newfoundland and Labrador. In its 2025 mid-year Canadian M&A update released on Wednesday, PwC Canada says the volume and value of merger and acquisition deals between January and the end of May fell to 996 and $134 billion, respectively. Significant transaction announcements included Sunoco's (SUN) US$9.1 billion bid for Canadian fuel distributor Parkland ( and Whitecap Resources' ( $15 billion acquisition of Veren. "It's a little bit too early to assess the impact of tariffs and uncertainty," Dobner said. "You need another quarter to see whether this is going to have a strong impact." In the prior period, from July 1 to Nov. 30, 2024, PwC Canada tallied 1,068 deals, with a total value of $227 billion. Prior to the trade war, Dobner says PwC Canada expected falling interest rates to fuel a rise in dealmaking this year. Now, he says 'cautious optimism' about a Canada-U.S. deal to enhance trade ties has shifted those hopes to 2026. 'We could see meaningful improvements in Canada's economic outlook potentially beginning as early as 2026,' PwC Canada wrote in its report. 'We could also see increased transaction activity in the same time frame, particularly among companies positioned to participate, or pivot towards supply chains, in sectors such as infrastructure development and financing, defence, agri-food, AI applications, nuclear energy and natural resources.' According to a report in February from Kroll, a New York-based financial risk and advisory firm, corporate cash balances are at an all-time high in Canada, a positive sign for near-term M&A. 'There is an abundance of dry powder that private equity firms will eventually need to deploy,' wrote Howard Johnson, Kroll's head of Canadian M&A advisory, and country leader. 'Once buyers and sellers understand the scope of new trade policies, deal activity is expected to ramp up quickly.' Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android.
Yahoo
a day ago
- Business
- Yahoo
Trump's tariff war: Why Canada may be 'in the best position of any other country'
Canadian companies could be among the winners once the dust settles in U.S. President Donald Trump's global trade war, according to PricewaterhouseCoopers (PWC) Canada. An economist at the 'big four' accounting and consulting firm says certain Canadian exporters have a unique opportunity for growth in the U.S. market as products from China face tougher trade hurdles. Trump was spotted at this week's G7 meeting in Alberta wearing a lapel pin featuring American and Canadian flags. The U.S. president left the summit early on Monday, delaying potential strides by leaders in attendance to address the ongoing U.S.-led trade war. Trump and Prime Minister Mark Carney agreed at the event to strike a deal in 30 days that could resolve the trade conflict between the neighbouring nations. Michael Dobner, PwC Canada's national leader of economics and policy practice, says the current weighted average tariff rate applied to U.S. imports from Canada 'is likely the lowest of any country in the world.' While the Trump administration has placed punishing 50 per cent levies on Canadian steel and aluminum, as well as tariffs on certain automotive imports, the wide slate of goods compliant with the Canada-United States-Mexico Agreement (CUSMA) are currently exempt. Canada is maybe in the best position of any other countryMichael Dobner, PwC Canada's national leader of economics and policy practice 'Canada is maybe in the best position of any other country,' Dobner told Yahoo Finance Canada on Tuesday. 'The negotiation between Canada and the U.S. may further cement Canada's position over other countries as an exporter to the U.S.' This is especially true, he says, for Canadian companies competing against Chinese rivals for buyers in the American market in sectors like industrial equipment and building materials. 'We're going in the right direction as far as the U.S.,' Dobner said. 'If this is cemented in a trade deal with Canada only, Mexico isn't even involved, then that actually puts Canada in a very good position that may make Canada an interesting investment opportunity for foreign companies if they want access to the U.S.' PwC Canada says tighter trade ties between Canada and the U.S. could brighten the former's economic outlook as early as 2026. In a report published on Wednesday, the firm calls for Canadian gross domestic product (GDP) growth to remain well below one per cent for the remainder of 2025. Statistics Canada's latest GDP reading shows the economy grew at an annual rate of 2.2 per cent in the first quarter. Earlier this month, the Bank of Canada warned the economy will be "substantially weaker" in the second quarter of 2025, versus the start of the year as the full impact of U.S. import tariffs hits Canadian businesses. On Wednesday, Bank of Canada Governor Tiff Macklem called Carney and Trump's 30-day timeline for a trade deal 'very welcome news.' 'New U.S. tariffs have already shaken Canadian exporters. After an initial pull forward to get ahead of tariffs, exports to the United States have fallen sharply,' Macklem told reporters in Newfoundland and Labrador. In its 2025 mid-year Canadian M&A update released on Wednesday, PwC Canada says the volume and value of merger and acquisition deals between January and the end of May fell to 996 and $134 billion, respectively. Significant transaction announcements included Sunoco's (SUN) US$9.1 billion bid for Canadian fuel distributor Parkland ( and Whitecap Resources' ( $15 billion acquisition of Veren. "It's a little bit too early to assess the impact of tariffs and uncertainty," Dobner said. "You need another quarter to see whether this is going to have a strong impact." In the prior period, from July 1 to Nov. 30, 2024, PwC Canada tallied 1,068 deals, with a total value of $227 billion. Prior to the trade war, Dobner says PwC Canada expected falling interest rates to fuel a rise in dealmaking this year. Now, he says 'cautious optimism' about a Canada-U.S. deal to enhance trade ties has shifted those hopes to 2026. 'We could see meaningful improvements in Canada's economic outlook potentially beginning as early as 2026,' PwC Canada wrote in its report. 'We could also see increased transaction activity in the same time frame, particularly among companies positioned to participate, or pivot towards supply chains, in sectors such as infrastructure development and financing, defence, agri-food, AI applications, nuclear energy and natural resources.' According to a report in February from Kroll, a New York-based financial risk and advisory firm, corporate cash balances are at an all-time high in Canada, a positive sign for near-term M&A. 'There is an abundance of dry powder that private equity firms will eventually need to deploy,' wrote Howard Johnson, Kroll's head of Canadian M&A advisory, and country leader. 'Once buyers and sellers understand the scope of new trade policies, deal activity is expected to ramp up quickly.' Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android. 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Cision Canada
2 days ago
- Business
- Cision Canada
NEW DATA: U.S. TARIFFS CONTINUE TO HAMMER CANADIAN MANUFACTURING, THREATENING JOBS AND INVESTMENT
OTTAWA, ON, June 18, 2025 /CNW/ - As Prime Minister Carney and President Trump commit to finalizing a new economic and security agreement within 30 days, Canadian Manufacturers & Exporters (CME) is warning that Canada's industrial base continues to suffer escalating damage. New survey data from CME reveals that three in four Canadian manufacturers are experiencing moderate to very severe harm from ongoing U.S. tariffs, undermining investment, employment, and broader economic stability. "The results are clear: tariffs are continuing to inflict serious damage on Canadian manufacturers and their workers—particularly in the steel, aluminum and auto sectors," said CME President & CEO Dennis Darby. "We urge the federal government to build on recent discussions between the President and the Prime Minister to secure a deal for Canada that removes these unjustified trade barriers." MANUFACTURERS TAKING ACTION TO MITIGATE TARIFF IMPACTS To cope with rising costs and market uncertainty caused by U.S. tariffs, manufacturers are actively adjusting their strategies—some of which are already contributing to reduced investment, job losses, and broader economic strain in Canada: 49 per cent are pursuing new export markets 44 per cent have cancelled or delayed investment plans 39 per cent have implemented hiring freezes or layoffs 16 per cent have shifted some production to the U.S. COUNTER-TARIFFS AND REMISSION PROCESS ADD FURTHER STRAIN Canada's retaliatory tariffs—many of which are temporarily paused—are also placing additional pressure on manufacturers: 66 per cent report increased input costs 46 per cent cite disruptions to supply chains and sourcing Just 3 per cent believe countermeasures have improved their competitiveness 22 per cent say they have had no noticeable impact Although the federal government has introduced a tariff remission process, awareness and uptake is low. Only 21 per cent of manufacturers are familiar with the process or have applied. Among those seeking relief: 56 per cent want help determining eligibility 44 per cent are seeking clear, step-by-step guidance on the application process 43 per cent are requesting training and documentation support CUSMA COMPLIANCE REMAINS A CHALLENGE FOR SOME While nearly 70 per cent of manufacturers report completing all required CUSMA documentation for eligible exports, challenges persists: 18 per cent produce CUSMA-compliant goods but have yet to complete the paperwork 35 per cent cite a lack of internal expertise as a barrier 33 per cent report receiving inconsistent guidance from government or trade advisors To support compliance, manufacturers are calling for: 42 per cent – clearer government guidelines, templates and digital tools 29 per cent – more direct access to government trade advisors 26 per cent – expanded training and workshop opportunities MANUFACTURERS CALL FOR STRONGER GOVERNMENT ACTION While recent relief measures are appreciated, manufacturers stress that more decisive action is urgently needed—especially if a deal with the U.S. is not reached in the coming weeks. Their top policy priorities include: 47 per cent – stronger diplomatic efforts to secure tariff exemptions or reductions 47 per cent – targeted tax relief to ease short-term cash flow pressures 34 per cent – temporary financial assistance to minimize layoffs and stabilize operations 30 per cent – a more accessible and efficient tariff remission process The survey, conducted in May and June, includes responses from more than 100 manufacturing firms across Canada. The findings underscore the vulnerability of Canada's manufacturing sector, which directly accounts for over 9 per cent of GDP, employs 1.8 million Canadians, and generates 60 per cent of the country's total goods exports. With more than 80 per cent of Canada's manufactured exports destined for the U.S.—representing over 40 per cent of total sector sales—the industry remains highly exposed to unwarranted U.S. trade actions. ABOUT CANADIAN MANUFACTURERS & EXPORTERS (CME) From the first industrial boom in Canada, CME has advocated for and represented member interests. 150 years strong, CME has earned an extensive and effective track record of working for thousands of leading companies nationwide. More than 85 per cent of CME's members are SMEs and collectively account for an estimated 82 per cent of total manufacturing production and 90 per cent of Canada's exports.
Cision Canada
3 days ago
- Business
- Cision Canada
Readout - Prime Minister Carney meets with President of Mexico Claudia Sheinbaum Français
, June 17, 2025 /CNW/ - Today, the Prime Minister, Mark Carney, met with the President of Mexico, Claudia Sheinbaum, at the 2025 G7 Leaders' Summit in Kananaskis, Alberta. Building on the longstanding relationship between Canada and Mexico, the leaders discussed the close economic integration that has benefited workers and businesses in both nations. Prime Minister Carney and President Sheinbaum discussed shared G7 priorities, including economic and energy security as well as building reliable supply chains. The leaders agreed to deepen bilateral collaboration at the ministerial level, with a focus on trade, energy, agriculture, and security. They also emphasized the importance of safeguarding North American competitiveness and rules-based trade in the lead-up to the review of CUSMA. Prime Minister Carney and President Sheinbaum agreed to remain in close contact and looked forward to meeting again in Mexico in the coming months. This document is also available at
