Industry and Trade

Please review each article prior to use: grade-level applicability and curricular alignment might not be obvious from the headline alone.

First Nations awaiting Hydro consults

Gabrielle Piché 5 minute read Preview

First Nations awaiting Hydro consults

Gabrielle Piché 5 minute read Wednesday, Feb. 25, 2026

With licences for two major Manitoba Hydro projects set to expire later this year, affected First Nations await consultation — and want to see change.

Licences for the Churchill River Diversion and Lake Winnipeg Regulation projects, first issued in the 1970s, expire Sept. 1 and Aug. 1, respectively.

The diversion directs water to five stations accounting for roughly 75 per cent of Manitoba’s power generation. The latter project allows Hydro to generate power by manipulating Lake Winnipeg’s water levels.

There is no timeline for the licence renewals, said Environment Minister Mike Moyes. He said that would be dependent on consultations with impacted First Nations.

Read
Wednesday, Feb. 25, 2026

MIKE DEAL / FREE PRESS FILES

Environment and Climate Change Minister Mike Moyes says short-term licence extensions are an option if a deal isn’t struck in time.

MIKE DEAL / FREE PRESS FILES
                                Environment and Climate Change Minister Mike Moyes says short-term licence extensions are an option if a deal isn’t struck in time.

In search of a better way to build Manitoba

Ron Hambley, Chris Lorenc and Shawn Wood 4 minute read Tuesday, Feb. 24, 2026

Manitoba was built through hard work, collaboration, and community. Every hospital, school, road, and bridge reflects the dedication of our construction industry. Today, the sector employs more than 57,000 Manitobans, contributes $4.2 billion annually to the provincial economy, and supports businesses in every region. We are proud of the role we play in building Manitoba’s future.

We are speaking out about the Manitoba Jobs Agreement (MJA) not to oppose the government’s goals, but to ensure public policy delivers real value, respects worker choice, and protects taxpayers. The practical consequences of the MJA are clear: fewer bidders, reduced competition, increased administrative burden, and higher project costs. When competition narrows, prices rise. When compliance complexity grows, risk premiums follow. All of this lands on a provincial budget already facing structural deficits.

The MJA imposes a specific labour relations structure on provincially funded projects exceeding $50 million. Successful bidders must hire union card-holding workers first if their own workforce is insufficient. Union membership becomes the deciding factor — not skill, experience, or performance. If the goal is to ensure Manitobans work on these projects, there is a simple solution: require contractors to certify that their workforce consists of Manitoba residents. A union card should not determine who is entitled to work on taxpayer-funded infrastructure. The agreement also introduces entirely new costs. All employers must pay 85 cents per hour worked to the Manitoba Building Trades Council; an unprecedented charge in Manitoba construction. On a typical school project, this payment alone can exceed $250,000, with no measurable benefit to taxpayers.

Open-shop contractors face additional costs, including compulsory union dues, numerous union fund contributions, and payments to third parties. Taken together, these requirements will add millions of dollars to publicly funded projects. It’s money that could otherwise be invested directly in classrooms, hospitals, and infrastructure.

Festival du Voyageur and the modern fur industry

Tracy Groenewegen 4 minute read Tuesday, Feb. 24, 2026

Festival du Voyageur, which wrapped up its 57th annual run this past weekend, is hard to pin down.

It is Western Canada’s largest winter festival and francophone event. It celebrates Indigenous history and culture. It used to hold staged gunfights or “skirmishes” and a casino.

It can be easy to forget that Festival du Voyageur is at its core a celebration of Canada’s fur trade history. Without the fur trade, there would be no Canada as we know it. Among other things, it was the engine of French settlement in North America and gave birth to the Metis Nation. At the same time, the fur trade had profound and lasting negative impacts on Indigenous communities and devastated local populations of beavers and other animals. Any event that commemorates a history as deeply contentious as that of the fur trade — especially one that draws tens of thousands of people each year — must do so responsibly.

Festival du Voyageur agrees.

Brandon-based Cando Rail & Terminals purchases Utah-based Savage Rail, absorbs 700+ U.S. employees

Aaron Epp 4 minute read Preview

Brandon-based Cando Rail & Terminals purchases Utah-based Savage Rail, absorbs 700+ U.S. employees

Aaron Epp 4 minute read Monday, Feb. 23, 2026

In a move the company’s chief executive describes as “transformative,” Cando Rail & Terminals Ltd. has acquired a leading rail provider in the United States.

The Brandon-based company, which owns and operates first- and last-mile rail infrastructure, announced on Monday its acquisition of Utah firm Savage Rail.

Savage Rail is part of Savage Enterprises LLC, a family of companies headquartered in Salt Lake City.

Terms of the deal, which is expected to close April 30, were not disclosed.

Read
Monday, Feb. 23, 2026

Supplied

Brian Cornick, president and CEO of Cando Rail & Terminals Ltd.

Supplied
                                Brian Cornick, president and CEO of Cando Rail & Terminals Ltd.

Data centres and infrastructure: an expensive pairing

Editorial 3 minute read Preview

Data centres and infrastructure: an expensive pairing

Editorial 3 minute read Friday, Feb. 20, 2026

Governments around the world — India being the latest — have been falling over themselves trying to lure power-hungry, water-thirsty data centre operations to build in their backyards.

Read
Friday, Feb. 20, 2026

File

Google’s data centres consume billions of litres of water each year.

File
                                Google’s data centres consume billions of litres of water each year.

North at risk from ‘old battles,’ federal spending priorities, Axworthy says

Gabrielle Piché 5 minute read Thursday, Feb. 19, 2026

Canada risks falling into a pattern of fighting “old battles” in the North — while ramping up defence spending — as it cuts funding to handle wildfires and internal migration, former federal minister Lloyd Axworthy warns.

U.S. International Trade Commission launches CUSMA rules-of-origin auto investigation

Kelly Geraldine Malone, The Canadian Press 3 minute read Preview

U.S. International Trade Commission launches CUSMA rules-of-origin auto investigation

Kelly Geraldine Malone, The Canadian Press 3 minute read Saturday, Feb. 21, 2026

WASHINGTON - The U.S. International Trade Commission has launched an investigation into rules-of-origin regulations for automobiles under the Canada-U.S.-Mexico agreement on trade.

A news release on the commission's website says the investigation will analyze the regulations' "impact on the U.S. economy, effect on U.S. competitiveness, and relevancy considering recent technology changes."

It's the third investigation of the rules since the trilateral trade pact, widely known as CUSMA, was adopted during the first administration of U.S. President Donald Trump. The commission is required to conduct an investigation every two years until 2031.

The report on automobiles must be delivered to Trump and the U.S. Senate by July of next year.

Read
Saturday, Feb. 21, 2026

U.S. President Donald Trump listens during a tour of the Ford River Rogue complex on Tuesday, Jan. 13, 2026, in Dearborn, Mich. (AP Photo/Evan Vucci)

U.S. President Donald Trump listens during a tour of the Ford River Rogue complex on Tuesday, Jan. 13, 2026, in Dearborn, Mich. (AP Photo/Evan Vucci)

With new American pressure, will Cuba fall?

Peter McKenna 5 minute read Preview

With new American pressure, will Cuba fall?

Peter McKenna 5 minute read Wednesday, Feb. 18, 2026

If you were to listen to many of the commentators, experts and prognosticators, you would think that Cuba is about to collapse.

Read
Wednesday, Feb. 18, 2026

The Associated Press

A bicycle taxi travels at night in Havana, Cuba, on Jan. 6. U.S. control of Venezuelan oil is deepening the island’s energy crisis.

The Associated Press
                                A bicycle taxi travels at night in Havana, Cuba, on Jan. 6. U.S. control of Venezuelan oil is deepening the island’s energy crisis.

Cuban drivers face monthslong wait for gasoline in a government app designed to reduce lines

Andrea Rodriguez, The Associated Press 5 minute read Preview

Cuban drivers face monthslong wait for gasoline in a government app designed to reduce lines

Andrea Rodriguez, The Associated Press 5 minute read Wednesday, Feb. 18, 2026

HAVANA, Cuba (AP) — Drivers in Cuba are facing the prospects of waiting several months to refuel their cars, as fuel shortages caused by a U.S. oil siege intensify.

To avoid chaos outside gas stations, Cuba’s government last week made it obligatory for drivers to use an app known as Ticket to get refueling appointments.

But drivers in Havana told The Associated Press on Monday that the app is only awarding them appointments several weeks or months from now.

“I have (appointment) number seven thousand and something,” said Jorge Reyes, a 65-year-old who downloaded the app on Monday.

Read
Wednesday, Feb. 18, 2026

Retiree Jorge Reyes shows his phone with the app "El Ticket" which is used to reserve a place in line to buy rationed gasoline in Havana, Cuba, Monday, Feb. 16, 2026. (AP Photo/Ramon Espinosa)

Retiree Jorge Reyes shows his phone with the app

When it comes to fixing health care, province must follow doctors’ orders

Tom Brodbeck 5 minute read Preview

When it comes to fixing health care, province must follow doctors’ orders

Tom Brodbeck 5 minute read Thursday, Feb. 12, 2026

To get an honest assessment of Manitoba’s health-care system, it’s best to skip the government news releases and listen to the doctors.

Read
Thursday, Feb. 12, 2026

RUTH BONNEVILLE / FREE PRESS FILES

On Wednesday, Dr. Nichelle Desilets, president of Doctors Manitoba, offered one of the most comprehensive evaluations of Manitoba’s health-care system in some time.

RUTH BONNEVILLE / FREE PRESS FILES
                                On Wednesday, Dr. Nichelle Desilets, president of Doctors Manitoba, offered one of the most comprehensive evaluations of Manitoba’s health-care system in some time

What to know about EPA decision to revoke a scientific finding that helped fight climate change

The Associated Press 3 minute read Preview

What to know about EPA decision to revoke a scientific finding that helped fight climate change

The Associated Press 3 minute read Friday, Feb. 13, 2026

The Environmental Protection Agency on Thursday revoked its own 2009 “endangerment finding,” a scientific conclusion that for 16 years has been the central basis for regulating planet-warming emissions from power plants, vehicles and other sources.

The finding itself is straightforward: Carbon dioxide and other greenhouse gases — caused by burning fossil fuels such as coal, oil and gas — endanger public health and welfare.

It was adopted after the U.S. Supreme Court ruled in 2007 that greenhouse gases are air pollutants that can be regulated under the Clean Air Act.

The Trump administration says the finding hurts industry and the economy and that the Obama and Biden administrations twisted science to determine that greenhouse gases are a public health risk.

Read
Friday, Feb. 13, 2026

FILE - The Jeffrey Energy Center coal-fired power plant operates at sunset near Emmett, Kan., Jan. 3, 2026, in Topeka, Kan. (AP Photo/Charlie Riedel, File)

FILE - The Jeffrey Energy Center coal-fired power plant operates at sunset near Emmett, Kan., Jan. 3, 2026, in Topeka, Kan. (AP Photo/Charlie Riedel, File)

Energy sector’s interest in Churchill heating up: Kinew

Julia-Simone Rutgers 6 minute read Preview

Energy sector’s interest in Churchill heating up: Kinew

Julia-Simone Rutgers 6 minute read Wednesday, Feb. 11, 2026

Several companies, including at least one Canadian energy giant, are “kicking the tires” on a long-touted vision to export oil, gas, minerals and agricultural products through Churchill, bringing the dream of a trade corridor to the Hudson Bay coast closer to reality, Premier Wab Kinew says.

Read
Wednesday, Feb. 11, 2026

Expanding the Port of Churchill to facilitate trade with other markets, such as Europe, has become a top priority for the Manitoba and federal governments. (John Woods / The Canadian Press files)

Expanding the Port of Churchill to facilitate trade with other markets, such as Europe, has become a top priority for the Manitoba and federal governments. (John Woods / The Canadian Press files)

Building new foundations in world of trade

Laura Rance 4 minute read Preview

Building new foundations in world of trade

Laura Rance 4 minute read Saturday, Feb. 7, 2026

It wasn’t so much the deals that emerged that signalled a significant shift in Canada-China relations after Prime Minister Mark Carney’s meeting with People’s Republic of China President Xi Jinping last month.

It was the fact their working lunch ran long, just like the 20-minute meeting scheduled between the two world leaders in October in South Korea ran for 43 minutes, “which is quite unusual for the Chinese,” said Chris White, Beijing-based president and CEO of the Canadian Meat Advocacy Office, during a webinar this week.

“Not every world leader who has that opportunity to meet with President Xi gets both a working lunch and then that (gets) extended.”

White has been the Canadian meat sector’s boots on the ground in China for less than a year, but his presence underscores a growing recognition among industry leaders that being present in key markets matters — even more so when the relationships are complicated.

Read
Saturday, Feb. 7, 2026

Palliser Furniture issues layoffs amid U.S. tariffs pressure

Aaron Epp 4 minute read Friday, Feb. 6, 2026

Winnipeg-based manufacturer Palliser Furniture has laid off staff as tariffs continue to impact the furniture industry.

Some 40 workers have been let go from the company, known for its upholstered furniture and eight-decade history in the city. It supplies retailers including EQ3, a brand which it owns.

At the same time, Palliser Furniture is hiring 20 people to fill different manufacturing roles at its Winnipeg plant. The company also has a manufacturing operation in Mexico.

The restructuring is the result of the 25 per cent tariffs U.S. President Donald Trump implemented in October on kitchen cabinets, bathroom vanities and upholstered furniture, said Peter Tielmann, president and CEO of Palliser Holdings Ltd.

Ottawa to relaunch EV rebates program in 2 weeks with new auto strategy

Nick Murray, The Canadian Press 6 minute read Preview

Ottawa to relaunch EV rebates program in 2 weeks with new auto strategy

Nick Murray, The Canadian Press 6 minute read Friday, Feb. 6, 2026

OTTAWA - The federal government announced a suite of new electric vehicle policies Thursday, including the reintroduction of the popular rebate program and the elimination of the EV sales mandate in favour of stricter emissions standards for the auto sector.

The move is the latest rollback of climate policies enacted by former prime minister Justin Trudeau. The government of Prime Minister Mark Carney cancelled the consumer carbon price and halted the implementation of an emissions cap on the oil and gas sector.

Speaking at an auto parts manufacturer in Woodbridge, Ont., Carney said Thursday Ottawa pitched the new plan as a transformation of Canada's auto sector, which has been battered for months by U.S. tariffs.

"We have everything we need to take the lead in the vehicles of tomorrow, and we're positioning Canadian workers and businesses to seize that opportunity," he said.

Read
Friday, Feb. 6, 2026

An electric vehicle charger is seen in Ottawa on June 27, 2023. THE CANADIAN PRESS/Justin Tang

An electric vehicle charger is seen in Ottawa on June 27, 2023. THE CANADIAN PRESS/Justin Tang

Agriculture and Agri-Food Canada announces closure of research operations, job cuts

Fakiha Baig, The Canadian Press 3 minute read Preview

Agriculture and Agri-Food Canada announces closure of research operations, job cuts

Fakiha Baig, The Canadian Press 3 minute read Monday, Jan. 26, 2026

Agriculture and Agri-Food Canada says it is closing seven of its research operations as part of the federal government's efforts to cut the size of the public service.

The federal department said research centres in Guelph, Ont., Quebec City and Lacombe, Alta., as well as four satellite research farms across Nova Scotia, Saskatchewan and Manitoba are closing.

It said so far, approximately 665 department positions have also been reduced and nearly 1,050 employees received notices on Thursday.

"There are no imminent site closures, and any wind-down of scientific operations would follow a careful decision process that could take up to 12 months," the department said in a statement Friday.

Read
Monday, Jan. 26, 2026

A family plants their wheat crop with a seeding rig, near Cremona, Alta., Friday, May 6, 2022. THE CANADIAN PRESS/Jeff McIntosh

A family plants their wheat crop with a seeding rig, near Cremona, Alta., Friday, May 6, 2022. THE CANADIAN PRESS/Jeff McIntosh

Carney reaches ‘landmark’ tariff quota deal with China on EVs, canola

Kyle Duggan, The Canadian Press 7 minute read Preview

Carney reaches ‘landmark’ tariff quota deal with China on EVs, canola

Kyle Duggan, The Canadian Press 7 minute read Saturday, Jan. 17, 2026

BEIJING - Prime Minister Mark Carney touted a renewed relationship with China and "enormous progress" on trade irritants as he announced a new deal with Beijing on electric vehicles and canola at the end of a high-profile trip to China on Friday.

But the agreement has received mixed reviews at home. Ontario and the auto sector warned of the dangers of giving China new access to Canada's auto market, while Prairie premiers and farm groups welcomed the drop in tariffs on some agricultural products.

The deal, made public shortly after Carney met with President Xi Jinping in Beijing, marks a de-escalation in tensions with a country the Liberal government branded as a disruptive power just three years ago.

Carney distanced himself from that description on Friday, noting he was not part of the government that used the term in Canada's 2022 Indo-Pacific strategy.

Read
Saturday, Jan. 17, 2026

Prime Minister Mark Carney meets with President of China Xi Jinping at the Great Hall of the People in Beijing, China on Friday, Jan. 16, 2026. THE CANADIAN PRESS/Sean Kilpatrick

Prime Minister Mark Carney meets with President of China Xi Jinping at the Great Hall of the People in Beijing, China on Friday, Jan. 16, 2026. THE CANADIAN PRESS/Sean Kilpatrick

Farm sector weirdness becomes new normal

Laura Rance 4 minute read Preview

Farm sector weirdness becomes new normal

Laura Rance 4 minute read Saturday, Jan. 3, 2026

Farming has never been a wise career choice for people who thrive on predictable outcomes, but last year set a new bar for craziness in what was already a risky business.

Looking ahead, the uncertainty laced with foreboding that heralded the start of 2025 has been replaced in 2026 with the certainty that comes from knowing the chaos will continue.

Just when you think it can’t get any weirder, the government administration south of the border at the centre of it all grabs the headlines once again with something even more unimaginably outlandish.

For example, the announcement late last year that the U.S. is considering placing steep tariffs on two key fertilizers — potash and phosphorus — ostensibly to increase domestic production. Except the U.S. doesn’t have the necessary reserves to develop.

Read
Saturday, Jan. 3, 2026
No Subscription Required

Not everyone sees the new Cancon rules as a win. Five takeaways from CRTC’s decision

Alex Nino Gheciu, The Canadian Press 7 minute read Preview
No Subscription Required

Not everyone sees the new Cancon rules as a win. Five takeaways from CRTC’s decision

Alex Nino Gheciu, The Canadian Press 7 minute read Monday, Nov. 24, 2025

An overhaul by the federal regulator of how Canadian content is defined has been met with mixed reaction from some of the country's biggest film and TV players this week.

The Canadian Radio-television and Telecommunications Commission (CRTC) issued its long-awaited expansion of the range of creative roles that qualify a film or TV show as Canadian, setting new rules for foreign streaming companies that operate in the country.

However, not everyone sees the changes as a win.

MORE ROLES, MORE POINTS — AND MORE WORRIES FROM DIRECTORS

Read
Monday, Nov. 24, 2025

An assistant director stands by as a stunt car drives down Yonge Street during a film production in Toronto in 2015. THE CANADIAN PRESS/Chris Young

An assistant director stands by as a stunt car drives down Yonge Street during a film production in Toronto in 2015.  THE CANADIAN PRESS/Chris Young

Province releases inaugural innovation report

Gabrielle Piché 5 minute read Preview

Province releases inaugural innovation report

Gabrielle Piché 5 minute read Saturday, Nov. 1, 2025

Promises to keep data in Manitoba and bolster the economy through innovation highlight the province’s first innovation and prosperity report.

“AI, tech, it’s gonna be in your industry,” Premier Wab Kinew said Friday after the report’s release. “We have to get in the game.”

Proponents of the 39-page document expressed hope for Manitoba’s future; critics deemed the strategy lacking.

A majority of Manitoba’s data storage and cloud computing infrastructure is run by United States firms such as Microsoft. The report calls on the province to build its own infrastructure with federal and provincial funds.

Read
Saturday, Nov. 1, 2025

Innovation and New Technology Minister Mike Moroz (Mike Deal / Free Press files)

Innovation and New Technology Minister Mike Moroz (Mike Deal / Free Press files)

Legault urges stronger U.S.-Canada ties amid trade tensions at summit

The Canadian Press 3 minute read Preview

Legault urges stronger U.S.-Canada ties amid trade tensions at summit

The Canadian Press 3 minute read Monday, Oct. 6, 2025

QUÉBEC - Quebec Premier François Legault urged the need for strong collaboration between the states and provinces that despite current trade uncertainties between Canada and the United States.

"The big elephant in the room is the uncertainty about the relationship between Canada and the United States, so, we really need to know where we'll be in one year, in two years, in four years, in 10 years," Legault told the Great Lakes St. Lawrence Governors and Premiers Leadership Summit being held in Quebec City on Sunday.

The biennial meeting, being held this year in Quebec City, brings together leaders and representatives from eight states and Ontario. It's the group's first meeting since the return of U.S. President Donald Trump to the White House.

Legault could not sidestep the issue of tariffs — something he said hasn't been good for either country.

Read
Monday, Oct. 6, 2025

Quebec Premier Francois Legault speaks at the CAQ convention in Gatineau on Sunday, Sept. 28, 2025. THE CANADIAN PRESS/Adrian Wyld

Quebec Premier Francois Legault speaks at the CAQ convention in Gatineau on Sunday, Sept. 28, 2025.  THE CANADIAN PRESS/Adrian Wyld

Custom metal fabrication firm NJ Industries Inc. builds reputation on customer loyalty

Aaron Epp 6 minute read Preview

Custom metal fabrication firm NJ Industries Inc. builds reputation on customer loyalty

Aaron Epp 6 minute read Wednesday, Oct. 1, 2025

Dirk Hollar and his colleagues don’t give out awards to the businesses they work with, but if they did, the “No. 1 Vendor” award would go to NJ Industries Inc.

Hollar is the operations manager at Freedom Concepts Inc., a Winnipeg company that creates bicycles for individuals with limited mobility. When Hollar needed a small order of sprockets made a few years ago, someone suggested he check out NJ Industries, a custom metal fabrication facility headquartered in the CentrePort Canada development on the northwest edge of Winnipeg.

Hollar drove to the company and introduced himself to owner Nagarajah Jayaranjan — better known to his customers and friends as Jay. Jayaranjan took Hollar’s order and showed him around the facility. By the time the tour was over, the sprockets were ready. Jayaranjan handed them to Hollar, free of charge.

That gesture led to ongoing business between the two companies.

Read
Wednesday, Oct. 1, 2025

MIKE DEAL / FREE PRESS

A CNC Laser cutter at work on a sheet of steel. NJ Industries (30 Harvest Dr) does custom metal fabrication, including laser cutting, bending and welding. The company recently made a $1.5 million, 10,000 square foot addition to its operation, which allowed it to add a tube laser cutting machine. Reporter: Aaron Epp 250926 - Friday, September 26, 2025.

MIKE DEAL / FREE PRESS
                                A CNC Laser cutter at work on a sheet of steel. NJ Industries (30 Harvest Dr) does custom metal fabrication, including laser cutting, bending and welding. The company recently made a $1.5 million, 10,000 square foot addition to its operation, which allowed it to add a tube laser cutting machine. Reporter: Aaron Epp 250926 - Friday, September 26, 2025.

Diversifying trade key to building resilience against U.S. tariffs: Macklem

Craig Lord, The Canadian Press 5 minute read Preview

Diversifying trade key to building resilience against U.S. tariffs: Macklem

Craig Lord, The Canadian Press 5 minute read Monday, Oct. 6, 2025

OTTAWA - Bank of Canada governor Tiff Macklem is encouraging businesses to explore export markets beyond the United States to make the economy less vulnerable to current and future trade disputes.

Speaking to a business crowd in coastal St. John’s, N.L., on Wednesday, Macklem meanwhile warned of fog in the inflation forecast, making it difficult to chart a path for monetary policy through the tariff uncertainty.

The central bank head said it was “very welcome news” that Prime Minister Mark Carney and U.S. President Donald Trump agreed at the G7 Summit earlier this week to nail down a new trade and security deal within 30 days.

He said in prepared remarks that progress toward a new trade deal is "encouraging," but later said in a moderated question-and-answer period that Canada's economy faces bigger problems in an increasingly "fragmented world."

Read
Monday, Oct. 6, 2025

Governor of the Bank of Canada Tiff Macklem delivers a speech at a Calgary Economic Development event in Calgary, Alta., Thursday, March 20, 2025. THE CANADIAN PRESS/Jeff McIntosh

Governor of the Bank of Canada Tiff Macklem delivers a speech at a Calgary Economic Development event in Calgary, Alta., Thursday, March 20, 2025. THE CANADIAN PRESS/Jeff McIntosh

Sweeping tariffs could be 3% hit to Canadian economy, even with carve-outs: report

Sammy Hudes, The Canadian Press 5 minute read Preview

Sweeping tariffs could be 3% hit to Canadian economy, even with carve-outs: report

Sammy Hudes, The Canadian Press 5 minute read Sunday, Oct. 12, 2025

TORONTO - A CIBC report says sweeping tariffs imposed by the U.S. could cost the Canadian economy as much as 3.25 per cent, even factoring in possible exemptions for the oil and gas sector.

An analysis published Tuesday examined four potential scenarios in which U.S. President Donald Trump slaps new taxes on goods imported from Canada, ranging from 10 to 20 per cent and with possible carve-outs for key industries.

Speaking with reporters on Monday evening, Trump said he's thinking about hitting Canada and Mexico with 25 per cent tariffs on Feb. 1.

Prime Minister Justin Trudeau has said Canada would respond and that "everything is on the table."

Read
Sunday, Oct. 12, 2025

A CIBC report says sweeping tariffs imposed by the U.S. could cost the Canadian economy as much as 3.25 per cent, even factoring in possible exemptions to the oil and gas sector. President Donald Trump attends the national prayer service at the Washington National Cathedral, Tuesday, Jan. 21, 2025, in Washington. THE CANADIAN PRESS/AP/Evan Vucci

A CIBC report says sweeping tariffs imposed by the U.S. could cost the Canadian economy as much as 3.25 per cent, even factoring in possible exemptions to the oil and gas sector. President Donald Trump attends the national prayer service at the Washington National Cathedral, Tuesday, Jan. 21, 2025, in Washington. THE CANADIAN PRESS/AP/Evan Vucci