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Canadian companies and a major union said on Wednesday higher US tariffs on steel and aluminum could result in more job losses and lost sales, as Prime Minister Mark Carney said Canada is preparing reprisals.
The US tariff hike on the two metals to 50% from the 25% rate introduced in March took effect at 12:01 a.m. (0401 GMT) on Wednesday.
Canada is the largest seller of the metals to the US, exporting to its southern neighbor roughly twice as much aluminum as the rest of the top 10 exporters’ volumes combined.
“So this is going to have a very quick impact, I will say to you, on steel industry,” said Lana Payne, president of Unifor, which is Canada’s private sector union.
The Aluminium Association of Canada, which counts Rio Tinto among its members, said 50% tariffs could result in its members diversifying to Europe.
Tim Houtsma, CEO of Nova Scotia-based Marid Industries,…
