Philippines lifts key rate to 5.5% in bigger-than-expected increase
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Canada pledges $6.2 billion to help manufacturers facing US tariffs
Steelmakers are allocated $3.7 billion and automakers $1.8 billion over five years as Canada seeks to limit damage from the trade dispute.
Prime Minister Mark Carney and Ontario Premier Doug Ford have unveiled $6.2 billion in support for Canada’s steel and auto industries in response to US tariffs. Carney said Washington’s policies had permanently changed the countries’ longstanding trade relationship.
The five-year allocations include $3.7 billion for steel producers and $1.8 billion for automakers. Of the auto funding, $1.1 billion will come from Canada’s federal government. Cleveland-Cliffs, which is US-owned, confirmed layoffs at its Hamilton, Ontario, plant on the day the measures were announced.
Auto shipments from Canada to the United States have dropped more than 10%, while US exports to Canada have declined more than 20%. Carney said the losses hurt both countries, arguing that tariffs increased American families’ costs and disadvantaged workers and businesses in Ontario.
An extended discussion between Carney and President Trump covered trade as well as Iran and the Middle East. Carney signaled no breakthrough but said Canada was still prepared to negotiate. Negotiations collapsed in August after Trump imposed tariffs of 50% on around $20 billion in Canadian goods and Canada retaliated.
Carney’s broader trade goal is to double Canada’s exports to markets outside the United States within a decade. He said Washington’s approach had changed and Canada needed to adjust its own.