The labor market\u2019s reversal came just weeks after a surge in hiring. Statistics Canada data, cited by Reuters, showed the economy<\/a> created 83,000 jobs in June but lost 40,800 in July, erasing nearly half of that gain.<\/p>\n The share of working-age Canadians with jobs slipped to 60.7%, while the unemployment rate held steady at a near-multi-year high of 6.9%, according to the outlet.<\/p>\n Trump’s sectoral tariffs on steel, aluminum and autos have hit the manufacturing sector hard and reduced the hiring intentions of companies, Reuters said, citing statements from the Bank of Canada.<\/p>\n TRUMP ESCALATES CANADA TARIFFS TO 35% WHILE SETTING NEW TARIFF RATES FOR DOZENS OF OTHER COUNTRIES<\/a><\/p>\n Workers discuss their jobs at Steelcon, a structural steel design and fabrication company, in St. Catharines, Ontario, Canada, Jan. 31, 2025. (Carlos Osorio\/File photo \/ Reuters)<\/p>\n As part of a broader “America First” trade policy<\/a>, Trump introduced sector-specific tariffs in an effort to protect U.S. manufacturing and reduce trade deficits with key partners.\u00a0<\/p>\n Manufacturing employment fell by nearly 10,000 from a year earlier, according to Statistics Canada, Reuters said.\u00a0<\/p>\n Marty Warren, national director of the United Steelworkers union, confirmed to the outlet that about 1,000 of its members have been laid off.<\/p>\n TRUMP RAISES TARIFFS ON INDIA, CANADA, BRAZIL AND OTHERS OVER STALLED TRADE DEALS<\/a><\/p>\n The Bank of Canada, pictured here in Ontario, Canada, May 23, 2017. (Reuters\/Chris Wattie\/File Photo \/ Reuters Photos)<\/p>\n Youth workers were hit especially hard. Unemployment among 15- to 24-year-olds jumped to 14.6%, while their employment rate fell to 53.6%, levels\u00a0unseen since the late 1990s, excluding pandemic years, Reuters added.<\/p>\n Despite the setbacks, the national layoff rate stayed at 1.1%, suggesting some stability in other parts of the economy, the outlet said.<\/p>\n The Bank of Canada<\/a> left its benchmark interest rate unchanged this week but reportedly hinted it could move to cut rates if growth continues to falter and inflation remains under control.<\/p>\n President Donald Trump signs an executive order in the Oval Office of the White House in Washington, D.C., Jan. 30, 2025.\u00a0 (Bonnie Cash\/UPI\/Bloomberg\/Getty Images \/ Getty Images)<\/p>\n![\"workers](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2025\/08\/manufacturing-canada.jpg\")
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