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Canadian Aluminum Industry Faces Uncertain Future Amid Tariff Hikes
The Canadian aluminum industry is bracing for significant challenges following the U.S. government's decision to double tariffs on steel and aluminum imports to 50%. Industry leaders warn that these increased levies will drive up costs, reduce demand, and force businesses to explore alternative markets.
Unifor, Canada's largest private-sector union, and the Aluminium Association of Canada have voiced concerns over the immediate impact of the tariffs, predicting job losses and decreased sales. Some companies, including Rio Tinto, are reportedly considering shifting their focus to European markets to mitigate the financial strain.
Prime Minister Mark Carney has stated that Canada is engaged in intensive negotiations with the U.S. to resolve the issue but is also preparing retaliatory measures if talks fail. The Canadian government previously imposed 25% tariffs on U.S. imports worth nearly $30 billion in response to earlier trade disputes.
With uncertainty looming, businesses and workers alike are anxiously awaiting the outcome of these negotiations, hoping for a resolution that will stabilize the industry and prevent further economic fallout.
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