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Here are five things you need to know this morning
Carney rules out counter-tariffs: A Canadian delegation is still in Washington for trade negotiations with U.S. officials. Meanwhile Prime Minister Mark Carney says Ottawa is not prepared to impose counter-tariffs against the United States. At a news conference Thursday to announce new crime measures, the Prime Minister said: “Right now with the Americans we are engaged in deep negotiations, intensive negotiations on several sectors of the Canadian economy – energy, aluminum and the steel sector … There are times to hit back and times to talk and right now is the time to talk.”
U.S. to ease auto parts tariffs: There may be a glimmer of hope for the Canadian auto sector. Bloomberg News is reporting the White House is poised to ease tariffs on the U.S. auto industry. The report says that as soon as today the Commerce Department will announce a five-year extension for an arrangement that allows automakers to reduce what they pay in tariffs on imported car parts. Previously, that provision was scheduled to sunset after two years. The concession follows months of lobbying by carmakers for relief from President Donald Trump’s tariffs. Canada is a major supplier of auto parts to U.S.-based manufacturers.
Carney on Stellantis Brampton’s future: Meanwhile Prime Minister Carney says Stellantis will decide on the future of its plant in Brampton, Ont. after the next North American free trade agreement is completed next year. This comes after the company said its moving manufacturing of the Jeep Compass SUV south of the border to avoid tariffs. Carney says he spoke with the CEO of Stellantis and was told that the company is looking to build a different model at the Brampton plant after new CUSMA deal is reached.
High China tariffs “not sustainable”: Markets were given a boost this morning by new comments from U.S. President Trump on China. In an interview on U.S. television, Trump said high threatened tariffs with China were “not sustainable.” The tariff clash between Washington and Beijing saw U.S. import taxes on Chinese goods rise to as high as 145 per cent in a tit-for-tat exchange that raised fears of a global downturn and a cutoff in trade between the two economies.
Scotiabank cutting jobs: The Bank of Nova Scotia says its cutting jobs across its Canadian banking division. In a memo to staff, Aris Bogdaneris, Scotia’s head of Canadian banking, said changes at the bank “over the last few weeks” are designed “to prioritize only those activities that drive the most meaningful impact for our business.” “I want to acknowledge that a transformation of this scale is not easy, especially when it means saying goodbye to valued colleagues,” Bogdaneris said in the memo, but didn’t specify how many roles are being cut.