In this edition:
- Region and municipalities encourage all to Shop, Support and Share Local
- Four-phase Grimsby Innovation Centre project begins with major demolition
- Manufacturing and resource extraction powered economic growth in January
- Latest U.S. auto tariffs may lead to higher prices and layoffs across North America
- Canada, U.S. to negotiate new economic, security relationship after election
- Commercial importers provided 30-day extension to submit financial security
- Copper prices have soared as the US threatens tariffs on the metal
- Focus on Finance & Economy
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Picture credit: Regional Municipality of Niagara / supplied
Region and municipalities encourage all to Shop, Support and Share Local
Niagara Region, in collaboration with all 12 local municipalities, is encouraging residents to Shop, Support and Share Local.
This Support Local initiative joins similar efforts from across the country designed to stimulate local economies and ignite pride in buying local and supporting local businesses.
Niagara residents are encouraged to look for the “I Am Niagara Local” signs in business windows.
Niagara business owners are also encouraged to contact their local Economic Development Office to access a variety of resources designed to support their businesses during this uncertain time, including campaign decals, stickers, and posters available after April 14.
Picture credit: Town of Grimsby
Four-phase Grimsby Innovation Centre project begins with major demolition
Work has officially kicked off on a four-building demolition that will make way for the seven-hectare $120-million Grimsby Innovation Centre.
The former NRB Modular Solutions location at 115-169 South Service Rd., east of Casablanca Boulevard, is the site of the centre that will be constructed in four phases over the next two years.
Picture credit: Spotmatik / Adobe Stock
Manufacturing and resource extraction powered economic growth in January
Real gross domestic product (GDP) grew 0.4% in January, following a 0.3% increase in December, Statistics Canada reported today. The mining, quarrying, and oil and gas extraction sector grew 1.8% in January, with all three subsectors expanding in the month.
The manufacturing sector rose 0.8% in January, following two consecutive monthly declines, as the durable-goods manufacturing aggregate (+2.0%) rebounded from the decline recorded in the previous month
Picture credit: dizfoto1973 / Adobe Stock
Latest U.S. auto tariffs may lead to higher prices and layoffs across North America
The auto industry is sounding the alarm about U.S. President Donald Trump’s latest tariff announcement, which could weigh on companies, raise consumer prices and result in job losses.
It’s still not certain what that means for the Canadian auto sector. Ontario Premier Doug Ford said on Mar. 27 that he’d been told by U.S. Secretary of Commerce Howard Lutnick that Canada would face a different rate but it was unclear when Canadian vehicles would see the tariff break.
Photo credit: Oleksii / Adobe Stock
Canada, U.S. to negotiate new economic, security relationship after election, says Carney
Prime Minister Mark Carney says Canada and the U.S. will begin comprehensive negotiations for a “new economic and security relationship” immediately after the Canadian election.
But Carney also told U.S. President Donald Trump in a phone call this morning that Canada will be implementing new retaliatory tariffs to protect the Canadian economy and workers next week after Trump imposes his promised round of reciprocal tariffs on April 2.
Picture credit: Summit Art Creations / Adobe Stock
Commercial importers provided 30-day extension to submit financial security before the end of CARM transition period
When the Canada Border Services Agency (CBSA) Assessment and Revenue Management (CARM) system was launched externally on October 21, 2024, a 180-day transition period was introduced to grant commercial importers additional time to post their financial security electronically while benefitting from the Release Prior to Payment (RPP) Program.
In response to feedback received from stakeholders, the CBSA will grant a 30-day extension to the transition period.
Picture credit: jonnysek / Adobe Stock
Copper prices have soared as the US threatens tariffs on the metal and China boosts its economy
Copper prices have hit record highs as an ongoing trade war between the U.S. and its key trading partners threatens to squeeze supplies of the vital metal.
Buyers in the U.S. have been stocking up on copper ahead of potential tariffs. Future prices for the base metal hit $5.21 per pound on March 25. Prices are up about 30 per cent so far this year, following modest gains over the last several years.
Focus on Finance & Economy
Canada’s economy ‘sprinting into a wall’ to start 2025 as tariff hit looms
The Canadian economy was off to a solid start in January but early signs suggest growth stalled in February amid harsh winter weather and the looming threat of tariffs.
Statistics Canada said Friday that real gross domestic product rose 0.4 per cent in January, but the agency’s flash estimates for February suggest flat growth for the month.
“We’re really sprinting into a wall,” said Andrew DiCapua, principal economist at the Canadian Chamber of Commerce, in an interview.
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.
