Latest news with #CatherineCobden
Cision Canada
3 days ago
- Business
- Cision Canada
Canadian Steel Producers and United Steelworkers Union React to Government's Plan for Steel Industry
OTTAWA, ON, June 19, 2025 /CNW/ - Catherine Cobden, President and CEO of the Canadian Steel Producers Association (CSPA) and , National Director for Canada, United Steelworkers Union (USW) issued the following statement: Our initial reaction to the Government of Canada's plan, announced today, is that it falls short of what our industry needs at this most challenging time. We will continue to review the details of the measures and work constructively with the federal government to get a plan that works for Canadian steel producers and the thousands of workers that make up our sector. About the Canadian Steel Producers Association The Canadian Steel Producers Association (CSPA) is the national voice of all primary steel producers and some of the country's largest steel consumers. Our 17 members supply the essential materials to key sectors such as automotive, energy, construction, and transportation—driving jobs and economic growth across North America. The CSPA advocates for a competitive and sustainable business environment that strengthens the steel sector and its supply chains. About the United Steelworkers union The USW represents 225,000 members in nearly every economic sector across Canada and is the largest private-sector union in North America, with 850,000 members in Canada, the United States and the Caribbean. Each year, thousands of workers choose to join the USW because of the union's strong track record in creating healthier, safer and more respectful workplaces and negotiating better working conditions and fairer compensation – including good wages, benefits and pensions.
CBC
05-06-2025
- Business
- CBC
Bank of Canada must get comfortable with the unknown as long as Trump is in charge
Social Sharing In two straight decisions, the Bank of Canada has said it was leaving its key overnight lending rate unchanged as it gains "more information on U.S. trade policy and its impacts." The problem is that since Donald Trump reclaimed the presidency, gaining more information about U.S. trade policy has been nearly impossible. In fact, it's now abundantly clear that uncertainty is a core part of the administration's plan. It's hard to know from one day to the next what Trump is going to do. "We still do not know what tariffs will be imposed, whether they'll be reduced or escalated, or how long all of this will last," Bank of Canada governor Tiff Macklem said back in April. Those remarks could just as well have come this week. Since then, Prime Minister Mark Carney met with Trump in Washington. Carney called those talks "wide-ranging" and "constructive." The meeting was heralded as a sort of reset of Canada-U.S. relations and the beginning of a path out of the trade war. But those kinds of claims have tended to become the stuff of head-spinning reversals of late. Canada was slapped with a doubling of tariffs on steel and aluminum this week. The original 25 per cent tariffs were expected to hit those industries hard. Fifty per cent tariffs will clobber them. "At a 50 per cent tariff, we basically consider the U.S. market closed — completely closed, door slammed shut, if you will — to Canadian steel," said Catherine Cobden, president and CEO of the Canadian Steel Producers Association. 'Strategic uncertainty' part of U.S. playbook The question at the heart of Canada's trade policy is how anyone, from businesses to central bankers, can plan for a future so mired in unknowns. And that's part of the U.S. strategy. U.S. Treasury Secretary Scott Bessent has called it "strategic uncertainty." Bessent is one of Trump's key economic advisers and an architect of the administration's approach to trade and tariffs. At a briefing in April, he admitted that the United States is using uncertainty as leverage to reshape global trade. "We've created a process. I think the aperture of uncertainty will be narrowing, and as we start moving forward, announcing deals, then there will be certainty, but you know certainty's not necessarily a good thing in negotiating." The impact of that can be seen and felt right across Canada. Automakers have cancelled plans to expand. Businesses have had to reroute shipping and find new customers outside the U.S. The Bank of Canada's most recent Business Outlook Survey, which was released in April and covers the first quarter of 2025, found that "sentiment has deteriorated, and uncertainty is widespread." The trade war is looming over Canadian industries whether they're exposed to the current batch of tariffs or not. "Not that many sectors actually face tariffs, but any manufacturer thinking of building a plant in Canada to serve the U.S. market is going to wonder whether their sector could be next," CIBC chief economist Avery Shenfeld said in an interview. A recent survey by Bloomberg found that the majority of economists believe Canada will slip into a recession this summer as the trade war deepens and uncertainty bites. CIBC's forecast shows the Canadian economy will avoid an outright recession but suffer through six months of roughly zero growth and an unemployment rate that continues to grind higher by the month. "So to some extent, it'll feel a bit like a recession for those at least in the line of fire and losing their jobs," Shenfeld said. Economist predicts 3 more rate cuts in 2025 So far the economic data has come in stronger than expected. Much of that can be chalked up to businesses trying to get ahead of the tariffs through the spring. Exports surged as Americans tried to get product across the border before they'd have to pay the tariff. Macklem said at his interest rate announcement on Wednesday that the Canadian economy was "softer but not sharply weaker." Thomas Ryan, North America economist with Capital Economics, said he doesn't expect that will last. Forecasts by the London-based analysis and consultancy firm show GDP and jobs numbers will slow in the coming months. If that happens, Ryan said, the Bank of Canada will start cutting rates at its next meeting on July 30. "Accordingly, we judge that three more rate cuts this year are still on table, which would bring the policy rate down to two per cent," he wrote in a research note. Put another way, the world may indeed be awash in uncertainty, but the impact of all those unknowns is becoming more real by the day. Eventually the certainty of the impact will outweigh the uncertainty of the policy emanating from the White House. And then the Bank of Canada will have to act. WATCH | Bank of Canada must contend with U.S. tariff uncertainty: How U.S. tariff uncertainty impacted the latest interest rate decision 13 hours ago Duration 4:28 As U.S. President Donald Trump applies 50 per cent tariffs to all steel and aluminum imports, the Bank of Canada says it will hold its benchmark interest rate at 2.75 per cent. Senior business reporter Peter Armstrong says the economic uncertainty caused by fluctuating U.S. trade policy is driving investment away from Canada.
CTV News
04-06-2025
- Business
- CTV News
Steel tariffs to cause ‘chaos' in Canadian supply chain
President and CEO of Canada's Steel Producers Association Catherine Cobden on why she believes the Canadian steel sector will be weakened 'in a matter of days.'
Yahoo
04-06-2025
- Business
- Yahoo
Canadian Steel Producers Call for Urgent Action from Canada
OTTAWA, ON, June 4, 2025 /CNW/ - Catherine Cobden, President and CEO of the Canadian Steel Producers Association (CSPA), released the following statement: "Today, US President Donald Trump's 50 per cent steel tariff came into effect creating chaos and disruption throughout North American supply chains and delivering a crushing blow to the Canadian steel industry. "Given the urgency, the leadership of our member companies along with representatives of the United Steel Workers Canada will be in Ottawa tomorrow to meet with Cabinet Ministers and other government officials to urge immediate action for Canadian steel. "To stand up for our critical industry, the Government of Canada must immediately implement new tariffs at our own borders to stem the flow of unfairly traded steel from entering Canada and cannibalizing our industry. Furthermore, we need urgent action to protect our industry by fully re-instating our retaliatory tariffs on the US steel and match this latest American escalation. "At a 25 per cent tariff rate, we saw significant layoffs, curtailed investments and a significant drop of shipments to the United States. At a 50 per cent tariff rate, the U.S. market is effectively closed to Canadian steel, leaving billions of dollars of Canadian steel without a market. "Canadian steel producers play a unique role in Canadian economic and national security. Without Canadian steel feeding our industrial supply chains and creating jobs in communities across our country, we will be weaker at a time when we must be strong. "The Canadian Steel Producers Association stands with our allies at the United Steelworkers Union Canada during this challenging time. " About the Canadian Steel Producers Association The Canadian Steel Producers Association (CSPA) is the national voice of all primary steel producers and some of the country's largest steel consumers. Our 17 members supply the essential materials to key sectors such as automotive, energy, construction, and transportation—driving jobs and economic growth across North America. The CSPA advocates for a competitive and sustainable business environment that strengthens the steel sector and its supply chains. SOURCE Canadian Steel Producers Association View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
04-06-2025
- Business
- Cision Canada
Canadian Steel Producers Call for Urgent Action from Canada
OTTAWA, ON, June 4, 2025 /CNW/ - Catherine Cobden, President and CEO of the Canadian Steel Producers Association (CSPA), released the following statement: "Today, US President Donald Trump's 50 per cent steel tariff came into effect creating chaos and disruption throughout North American supply chains and delivering a crushing blow to the Canadian steel industry. "Given the urgency, the leadership of our member companies along with representatives of the United Steel Workers Canada will be in Ottawa tomorrow to meet with Cabinet Ministers and other government officials to urge immediate action for Canadian steel. "To stand up for our critical industry, the Government of Canada must immediately implement new tariffs at our own borders to stem the flow of unfairly traded steel from entering Canada and cannibalizing our industry. Furthermore, we need urgent action to protect our industry by fully re-instating our retaliatory tariffs on the US steel and match this latest American escalation. "At a 25 per cent tariff rate, we saw significant layoffs, curtailed investments and a significant drop of shipments to the United States. At a 50 per cent tariff rate, the U.S. market is effectively closed to Canadian steel, leaving billions of dollars of Canadian steel without a market. "Canadian steel producers play a unique role in Canadian economic and national security. Without Canadian steel feeding our industrial supply chains and creating jobs in communities across our country, we will be weaker at a time when we must be strong. "The Canadian Steel Producers Association stands with our allies at the United Steelworkers Union Canada during this challenging time. " About the Canadian Steel Producers Association The Canadian Steel Producers Association (CSPA) is the national voice of all primary steel producers and some of the country's largest steel consumers. Our 17 members supply the essential materials to key sectors such as automotive, energy, construction, and transportation—driving jobs and economic growth across North America. The CSPA advocates for a competitive and sustainable business environment that strengthens the steel sector and its supply chains.
