shockedcanadian
Diamond Member
- Aug 6, 2012
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The one powerful growth industry that is NOT feeling any worries about potential budget cuts is the Security Industrial Complex. If Canada is hit with a broad tariff in a months time these agencies will be doing just fine, even expanding their covert efforts. Everyone else will feel the heat though because our economy destroyed innovation long ago. Ontario will be the first to collapse. There is also some real irony in that the head of Canadian steel said "we must retaliate and we MUST PROTECT OUR DOMESTIC STEEL INDUSTRY", you mean like Trump is doing now? They dont even appreciate their own similar belief its just that Trump has the larger consumer market so he can tariff more easily. She also went on to say, if we have to build a bridge or power plant, we are.going to need local Canadian steel", again, exactly what Trump is doing in protecting his industries. The fact is that if the shoe were on the other foot most Western economies would have had large tariffs on for decades (as they do now in many industries) https://www.cbc.ca/news/business/steel-aluminum-industry-reaction-1.7455286.
Canadian steel and aluminum businesses are already feeling the consequences — and the déjà vu — of Donald Trump's latest tariff threat, several years after he targeted the same industries with a punishing import tax.
The U.S. president mused on Sunday that he would slap a 25 per cent tariff on steel and aluminum imports from all countries — including Canada, only one week after this country temporarily staved off the crisis of a blanket tax on all exports to its largest trading partner.
"It's extremely worrisome. It's difficult to peg an exact monetary value on it. I would say at this point I think we've already expected a 25 per cent drop in sales from orders that have fallen through," said Rahim Moloo, managing director and owner of Conquest Steel, a steel manufacturer and distributor based in Toronto.
Canadian steel and aluminum businesses are already feeling the consequences — and the déjà vu — of Donald Trump's latest tariff threat, several years after he targeted the same industries with a punishing import tax.
The U.S. president mused on Sunday that he would slap a 25 per cent tariff on steel and aluminum imports from all countries — including Canada, only one week after this country temporarily staved off the crisis of a blanket tax on all exports to its largest trading partner.
"It's extremely worrisome. It's difficult to peg an exact monetary value on it. I would say at this point I think we've already expected a 25 per cent drop in sales from orders that have fallen through," said Rahim Moloo, managing director and owner of Conquest Steel, a steel manufacturer and distributor based in Toronto.
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