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Canada is banking on sectoral trade deals with President Donald Trump as these deals, particularly for steel, are seen as crucial for Canada’s economic stability amid ongoing U.S. tariffs.
Canada’s Minister of Industry, Mélanie Joly, is optimistic about the progress made in the talks, especially regarding steel, aluminum, and energy, reported the Financial Times on Monday. The U.S. tariffs have significantly impacted the Canadian steel industry, prompting the need for swift action to prevent potential plant closures.
Joly, who accompanied Prime Minister Mark Carney to the White House, said, “If we don't do anything short term for steel, we may lose our plants.” The ongoing discussions with the US also encompass aluminum and energy.
During a recent visit to Washington, Prime Minister Mark Carney and Joly discussed these trade deals with U.S. officials. Despite Trump’s assurance that Carney would leave the meeting “very happy,” no concrete agreements were reached. However, the two leaders directed their officials to expedite the deal-making process, signaling a positive step forward.
While the steel industry is valued at C$15 billion ($11 billion) and supports over 100,000 jobs, Joly expressed concerns about the U.S.’s plans to strengthen its auto sector at Canada’s expense. This issue is expected to be a focal point in the upcoming review of the USMCA trade agreement.
John D'Agnolo, president of Unifor Local 200 representing about 2,000 Ford workers in Windsor, Ontario, warned that tariffs could lead to job losses and cautioned that if Carney strikes a deal harming the auto industry, the union will strongly oppose it.
The progress in the trade talks comes after Carney’s recent visit to the White House, where he emphasized the importance of the United States-Mexico-Canada Agreement (USMCA) in maintaining the U.S. auto industry’s competitiveness.
Trump had acknowledged the complexities in the U.S.-Canada relationship but hinted at potential breakthroughs in trade discussions.
Canada’s auto industry is a crucial player in the North American market, with companies like Ford (NYSE:F), General Motors (NYSE:GM), and Stellantis (NYSE:STLA) having a long history of cross-border cooperation.
Earlier this month, Stellantis, the parent of Jeep, Dodge, and Chrysler, announced its plans to invest about $10 billion in U.S. manufacturing to strengthen its position in its most profitable market. The investment may include reopening plants, hiring workers, and launching new models in key states like Illinois and Michigan.
Price Action: On a year-to-date basis, Ford and General Motors stocks 18.24% and 7.75%, respectively, while lost 23.24%, as per data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
