Economy

CSPA asks Canadian government to work against potential tariffs
Written by Ethan Bernard
January 30, 2025
The Canadian Steel Producers Association (CSPA) has urged Canada to engage with the US administration to avoid the tariffs threatened by the Trump administration by Feb. 1.
“The imposition of tariffs on Canadian goods will have an incredibly disruptive impact on our integrated North American supply chains and on our workers and their families,” François Desmarais, CSPA VP of trade and industry affairs, said in a statement to SMU on Thursday.
He affirmed that CSPA urges the “government of Canada to engage the US administration and to address their concerns to avoid the imposition of tariffs on our sector or the broader Canadian economy.”
Recall that President Trump has said he could impose 25% tariffs on both USMCA partners, Canada and Mexico, by Feb. 1.
Desmarais noted that CSPA is monitoring closely any type of announcement that could come on the first of next month, which is Saturday.
Additionally, he stressed a unity position. “The Canadian and American steel industries benefit greatly from joint actions against unfair trade practices and alignment of policies.”

Ethan Bernard
Read more from Ethan BernardLatest in Economy

ArcelorMittal plans wire-drawing closure in Hamilton, shifts production to Montreal
ArcelorMittal’s (AM) Hamilton location to be shuttered, wire production shifting to Montreal.
Beige Book finds growing economic, policy uncertainty
All districts reported "hesitancy and a cautious approach to business and household decisions,” according to the Beige Book.

ISM: Manufacturing continues to contract in May
May marks the third consecutive month US manufacturing activity declined, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.

Chicago PMI decreases 4.1 points in May
The Chicago Business Barometer reports that decreases in new orders, order backlogs, and softer production pulled the index down by 4.1-points to 40.5, in May.

Architecture firms struggle through April
For the third month in a row, architecture firms reported a reduction in billings through April, according to the latest Architecture Billings Index release.