Canada unveils $6.2bn plan to shield manufacturers as Trump trade tariffs bite– www.euronews.com
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EXCERPT:
Canada has announced a $6.2 billion (€5.7 billion) package to protect its steel and auto industries from US tariffs, as Prime Minister Mark Carney warned that Washington has permanently altered a trade relationship built over decades.
Carney and Ontario Premier Doug Ford jointly unveiled the plan on Wednesday, directing $3.7 billion (€3.4 billion) to steelmakers and $1.8 billion (€1.65 billion) to automakers over five years, with $1.1 billion (€1 billion) of the auto funding coming from the federal government in Ottawa.
The announcement came the same day US-owned Cleveland-Cliffs confirmed layoffs at its Hamilton, Ontario, plant, underlining the human cost of the trade dispute.
“US tariffs have upended a trade bargain that’s existed for decades,” Carney said. “They’ve raised costs for American families while putting Ontario workers and businesses at a disadvantage.”
The damage to the auto sector is already visible in the trade figures, as Canadian auto exports to the US have fallen more than 10 percent, while US exports to Canada have dropped more than 20 percent, a decline Carney said hurts both sides of the border.
