The Canadian business sector is urging the government to take immediate action in response to the impending tariffs on Canadian steel and aluminum, as announced by the United States. This move, initiated by U.S. President Donald Trump, is expected to commence on March 12 with tariffs of 25 percent.
The President and CEO of the Canadian Chamber of Commerce, Candace Laing, expressed her disapproval of the decision, stating it is fundamentally flawed. Giles Gherson, President and CEO of the Toronto Region Board of Trade, echoed this sentiment, emphasizing the need for swift action to bolster Canada’s economy and maintain its economic independence.
The Toronto Region Board of Trade has proposed a set of strategies for the Canadian government to counter these tariffs. One of the key proposals is to implement retaliatory tariffs on U.S. goods to safeguard the domestic market of Canadian steel and aluminum industries.
In addition to this, Gherson emphasized the pressing need for extensive reform to fast-track national energy and critical minerals projects. He stated, “Given the current circumstances where we might have to operate without our biggest trade partner and trusted ally, it’s crucial that we have an efficient national economy that aligns with our standing as a top 10 global economy, as opposed to the existing costly fragmentation.”
Statistics from the U.S National Trade Administration reveal that the U.S. is Canada’s biggest market for aluminum, with over 3 million tonnes exported in the previous year. BMO economist Robert Kavcic pointed out that Canada’s total steel and aluminum exports to the U.S. last year were approximately $35 billion, roughly representing one percent of GDP.
According to Kavcic, the regions of Quebec and Ontario will be the most affected by these tariffs, given their significant steel and aluminum export activities to the U.S.
This crucial development has significant implications for potential investors and those interested in the global trade landscape.
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