Canada’s business advocacy groups are calling for government action following promised American tariffs on Canadian steel and aluminum.
U.S. President Donald Trump has signed an executive order to levy 25 per cent tariffs on steel and aluminum imports to his country beginning March 12.
Canadian Chamber of Commerce president and CEO Candace Laing said in a statement the move is “wrong on so many levels.”
A similar sentiment was echoed by Toronto Region Board of Trade president and CEO Giles Gherson, who said in a statement immediate action must be taken to “shore up our economy and Canada’s economic sovereignty.”
Gherson’s statement included a to-do list from the Toronto Region Board of Trade for the Canadian government in response to the tariffs, with one item being to impose counter-tariffs on the U.S. in order to protect Canadian steel and aluminum businesses’ home market.
Another point on the list called for broad and sweeping reform in an effort to launch, as well as accelerate, national energy and critical minerals projects.
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“If we’re going to be forced to go it alone without our largest trading partner and trusted ally, we urgently need an efficient national economy that reflects the true scale of a top 10 global economy, rather than the current costly fragmentation,” Gherson said.
Data from the U.S National Trade Administration shows the United States is Canada’s largest market for aluminum, with over 3 million tonnes exported to the U.S. last year.
BMO economist Robert Kavcic says Canada’s total steel and aluminum exports to the U.S. last year were $35 billion, or roughly one per cent of GDP.
“We can drill further and look at where steel and aluminum U.S. export exposure is greatest and, no surprise, that is Quebec and Ontario,” said Kavcic.
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