Council of Canadian Innovators
In response to at the moment’s information, CCI President Benjamin Bergen issued the next assertion:
“The newest tariffs imposed by the U.S. authorities are one other stark reminder that Canada can’t take entry to the American market with no consideration. Now could be a second for us to show what we’re able to; we are able to construct a greater and extra resilient economic system beginning at the moment. Whereas we absolutely help the federal authorities’s choice to reply with countermeasures, retaliation alone just isn’t a method. Canada wants a long-term plan that strengthens our home economic system, reduces our dependence on unpredictable buying and selling companions, and ensures Canadian companies have the instruments they should compete globally.
“This second calls for greater than short-term aid—it calls for a elementary shift in how we take into consideration financial safety. Canada stays overly depending on exporting low-margin uncooked supplies as an alternative of high-value, innovation-driven items and providers. This weakens our negotiating energy in world commerce and leaves us weak to exterior financial pressures. A robust response to those tariffs means extra than simply countermeasures—it means a critical dedication to altering our financial mannequin.
“For many years, Canada’s commerce technique has assumed stability in our relationship with the U.S. That assumption is not legitimate. It’s time to take daring motion to safe our financial future—by backing Canadian companies, making certain they’ve entry to development capital, and positioning them as leaders in world provide chains. This isn’t nearly responding to tariffs—it’s about constructing an economic system that’s stronger, extra unbiased, and fewer weak to political volatility past our borders.”
This can be a fast-moving story, and we predict additional developments. Within the weeks forward, we’ll proceed to maintain you up to date on these financial occasions, and the influence for the Canadian innovation economic system.
Keep tuned for extra.
– Staff CCI
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Pricey Innovators,
We’ve been carefully monitoring at the moment’s developments within the commerce struggle launched by U.S. President Donald Trump.
To interrupt down what’s occurred and assist companies put together for what’s subsequent, be part of us tomorrow at 3 PM ET for a particular version of Mooseworks Reside. Our coverage workforce and commerce consultants will unpack the newest strikes and what they imply for Canadian innovators.
Don’t miss this crucial dialog. Register here to attend.
For now, listed below are the newest updates:
Late within the day Monday, the USA imposed 25% tariffs on Canadian items, aside from crude oil and demanding minerals which might be hit with a ten% tariff.
- The newest: This afternoon, Commerce Secretary Howard Lutnick indicated on Fox Information that Trump could negotiate tariff changes with Canada and Mexico, with an announcement anticipated Wednesday. He prompt that each international locations have been in discussions with U.S. officers, attempting to exhibit compliance with USMCA, and that Trump is open to providing tariff aid to these following the settlement’s guidelines.
In response to the U.S. tariffs, Prime Minister Justin Trudeau announced plans to impose retaliatory 25% tariffs on $155 billion of American items.
- Initially the Canadian tariffs will solely hit $30 billion of imports from the USA, with one other $125 billion value of imports being topic to tariffs in 21 days if the USA doesn’t again down.
- When talking to the media on Tuesday, Prime Minister Trudeau indicated that the federal authorities could make changes to Employment Insurance coverage for employees impacted by the commerce struggle.
Ontario Premier Doug Ford threatened to chop off vitality to the USA, saying “They should really feel the ache. They wish to come at us arduous? We’ve obtained to return twice as arduous.”
- Later, Premier Ford introduced he’s ripping up the province’s $100 million with Elon Musk’s Starlink and making use of a 25 per cent export tariff on Ontario electrical energy flowing to New York, Michigan and Minnesota.
Liquor authorities in B.C., Ontario, and Quebec have halted the acquisition and sale of American alcohol merchandise, affecting manufacturers like Jack Daniel’s, Kentucky bourbon, and Napa Valley wines. These measures goal to advertise native merchandise and scale back reliance on U.S. imports amid escalating commerce tensions.
Alberta Premier Danielle Smith condemned the U.S. tariffs as an unjustified financial assault and a breach of the U.S.-Canada commerce settlement, warning they are going to hurt each American and Canadian employees.
- She expressed full help for the federal authorities’s response and pledged to announce Alberta’s countermeasures, together with eradicating provincial commerce limitations, fast-tracking useful resource tasks, increasing world commerce ties, and growing navy spending.
Atlantic Canada premiers are responding to U.S. tariffs with a mixture of commerce diversification and procurement restrictions.
- Newfoundland and Labrador’s Premier Andrew Furey is reviewing U.S. procurement and strengthening European market ties.
- Nova Scotia’s Premier Tim Houston plans to introduce laws to take away interprovincial commerce limitations and block U.S. companies from bidding on contracts.
- New Brunswick’s Premier Susan Holt is reviewing contracts with U.S. corporations whereas collaborating with different Atlantic provinces to increase commerce and promote native buying.
- PEI Premier Rob Lantz introduced the province will double the variety of commerce missions led by Innovation PEI and work to open doorways to markets in Europe, South East Asia, Mexico and the Caribbean.
U.S. markets erased all post-election positive aspects as shares tumbled following the implementation of recent tariffs on Canada, Mexico, and China. The Dow fell 1.5%, the S&P 500 dropped 1.6%, and the Nasdaq slid 1.5%, getting into correction territory, down 10% from its December peak.
- The Toronto Inventory Trade/S&P Composite Index fell 1.8%, hitting its lowest degree since January 14, marking its worst day in over two months and its second consecutive decline.
To date, the tariffs are centered on bodily items, and it doesn’t look like providers and software program are straight impacted. Regardless, the financial impacts of the commerce struggle might be felt by everybody, together with Canadian expertise corporations.
