In this edition:
- Automakers win one-month reprieve from Trump’s tariffs
- Niagara politicians issue joint statement on tariffs
- St. Catharines mayor in Washington with binational delegation to oppose tariffs
- Summer Company Program offers mentorship, funding for young entrepreneurs
- Ottawa moves to block ‘predatory’ investments as tariff war continues
- Focus on International Trade
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Picture credit: dizfoto1973 / Adobe Stock
Automakers win one-month reprieve from Trump’s tariffs
U.S. President Donald Trump has issued a one-month tariff reprieve for the auto industry.
Speaking at a White House briefing on Wednesday, press secretary Karoline Leavitt confirmed the big three automakers, Ford, General Motors, and Stellantis, will see a one-month tariff exemption following talks with the Trump administration.
Minutes after the U.S. stock market closed, following a second day of sharp decline, U.S. Secretary of Commerce Howard Lutnick said there could be a ramp off the devastating duties.
However, Ontario Premier Doug Ford says he and Prime Minister Justin Trudeau are on the same page with a position that Canada will not be compromising on tariffs.
Questions about tariffs? Visit the GNCC’s tariff and trade resource page.
Picture credit: Regional Municipality of Niagara
Niagara politicians issue joint statement on tariffs
Regional Chair Jim Bradley and Niagara’s twelve mayors have issued a joint statement, remarking that “our country is entering a new economic reality that will be marked by uncertainty.”
“While it is unfortunate that we have come to this point,” the statement continues, “we would like to commend and thank both our federal and provincial governments, who over
the last two months have made every effort to avoid a trade war with our closest trading partner.
“It is still too early to fully assess the effect these tariffs will have.”
The Town of Fort Erie, the Town of Lincoln, and the Town of Niagara-on-the-Lake also issued separate statements in addition to the joint statement.
Questions about tariffs? Visit the GNCC’s tariff and trade resource page.
Picture credit: Alisa Valetova / Greater Niagara Chamber of Commerce
St. Catharines mayor in Washington with binational delegation to oppose tariffs
St. Catharines Mayor Mat Siscoe is in Washington, D.C., today with a coalition of Great Lakes mayors to try to convince the U.S. to drop its tariffs.
The Great Lakes and St. Lawrence Cities Initiative, made up of more than 244 U.S. and Canadian mayors and local officials, has been speaking out against a trade war it says will harm its communities.
Photo credit: City of St. Catharines
Summer Company Program offers mentorship and funding for young entrepreneurs
Young entrepreneurs in St. Catharines have an exciting opportunity to turn their business ideas into reality this summer through the Summer Company program.
The program, delivered by St. Catharines Enterprise Centre, provides students aged 15 to 29 with mentorship, training, and financial support to launch and run their own businesses.
Picture credit: Dean Calma / IAEA
Ottawa moves to block ‘predatory’ investments as tariff war continues
Canada’s industry minister is looking to block what he calls “predatory investment behaviour” as a trade war with the United States continues.
François-Philippe Champagne warned Wednesday that Canadian businesses could be at risk due to the sweeping tariffs imposed by U.S. President Donald Trump.
Focus on International Trade
Canada’s auto parts industry faces ‘existential threat’ from tariffs, CIBC warns
Canadian automotive parts manufacturers face an “existential threat” from U.S. tariffs, say analysts at CIBC Capital Markets downgrading shares of Linamar (LNR.TO) and Martinrea International (MRE.TO) on Wednesday while slashing price targets.
Auto parts are particularly vulnerable to tariffs since they cross the Canada-U.S. border multiple times before incorporation in finished cars and trucks.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
