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Auto Sector Pushes Back as Carney’s China Tariff Deal Raises Competitiveness Fears

Prime Minister Mark Carney’s new tariff‑quota agreement with China is triggering strong pushback from Canada’s auto industry, which warns the deal could weaken the sector’s competitive footing at a critical moment. The agreement allows nearly 50,000 Chinese‑made electric vehicles to enter Canada each year at a sharply reduced tariff rate, far below the steep duties currently in place. Agricultural groups have welcomed the deal, noting that it restores access to China’s massive market for key Canadian exports such as canola and seafood. But auto‑sector leaders argue the benefits come at a steep cost. They fear the influx of low‑priced Chinese EVs could undercut domestic manufacturers, discourage future investment, and strain Canada’s relationship with the United States — a country taking a much harder line against Chinese electric vehicles. Ontario Premier Doug Ford and several industry associations have voiced concern that the agreement risks destabilizing the integrated North Ameri...
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Consumer and Business Insolvencies Continue to Rise in November

 

According to the Office of the Superintendent of Bankruptcy, consumer and business insolvencies continued to rise in November. Consumer insolvencies were up 24% in November compared with a year ago, while business insolvencies rose 36.8%. The data shows insolvencies for both consumers and businesses continued to rise from pandemic lows.

Business insolvencies rose 41.8% year-over-year in the third quarter of 2023, surpassing pre-pandemic levels. However, consumer insolvencies in the third quarter were still below pre-pandemic levels. In November, that trend continued — business insolvencies were higher than in November 2019, while consumer insolvencies were a little lower.

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