Monday’s announcement that Ottawa will provide a billion-dollar support package for the steel and aluminum industries, which have suffered under U. S. President Donald Trump’s stricter tariff rules, has left some industry leaders in Windsor eager for more information.
Windsor-Essex Chamber of Commerce President and CEO Ryan Donally praised the government for acting swiftly to assist local businesses but noted that “the devil will be in the details.”
“If you’re a company right now facing unexpected costs that you didn’t plan for four months ago … does it make sense to consider taking on more loans and debt just to keep your business afloat?” Donally questioned.
“That’s where we need clarity on what specifically the [Business Development Bank of Canada] will be offering in terms.”
The federal government’s new $1-billion loan initiative, managed through the BDC, is set to provide “favorable terms” for at least three years, according to Industry Minister Melanie Joly during Monday’s announcement.
A separate $500-million fund is also being established to aid companies making what the government refers to as “strategic pivots,” as access to U. S. markets becomes more difficult.
“I think that’s very strong,” Donally remarked about the fund. “That’s crucial. This initiative will support our industry and region, and honestly help regions across Canada become more self-sufficient, diversified, and better equipped to handle shocks from any one country or supplier.”
“I look forward to seeing some of that funding come down here to Windsor-Essex.”
U. S. President Donald Trump adjusted Section 232 tariffs last month concerning industrial imports. The new levies now apply fully to the customs value of imports; previously, they only affected the metal portion.
WATCH | Windsor-Essex mould makers sound the alarm over latest changes to U. S. tariffs:
Windsor-Essex mould makers sound alarm over latest change to U. S. tariffs
Donald Trump has altered tariff policies on Canadian goods again – leading companies like Laval Tool & Mould Ltd. in Windsor-Essex saying it could cost them millions. Company president Jonathon Azzopardi expresses concern that without government intervention, Canada’s mould making industry faces a bleak future.
For businesses such as Jonathon Azzopardi’s at Laval Tool and Mould, rising tariffs are increasing production costs by 10% to 50%, adding significant burdens since their products already range in cost from “hundreds of thousands of dollars up into millions.”
Azzopardi mentioned that a $1 million mould could incur an extra $100,000 to $500,000 in tariffs – fees he warns could cripple tool and mould manufacturers.
The announcement and funding were described by him as “really important” for helping businesses survive.
“Most companies haven’t budgeted for paying between 10% and 50% extra on their production costs,” Azzopardi stated. “Without that funding, many firms will have no choice but either close down or relocate or face some hard choices.”
Azzopardi doesn’t see moving operations south of the border as his main concern right now.
Like many in Windsor’s tool and mould sector, he feels strongly tied to Canada. Instead, he believes discussions should focus on whether businesses need multiple country operations as markets change.
“You might have an operation in Canada; you might also operate in the United States or Mexico or even India,” said Azzopardi......</i<i<i.<i<i<i<i. i (ihs)hs)..<i./ (pgpg) It’s a challenging conversation he finds himself navigating amidst ongoing trade tensions.<hp
<< ppp >“I don’t want my business moving,” said Azzopardi. “I have no plans on relocating my company But do I anticipate having tough decisions ahead based on my current situation?”
Windsor-Essex mould makers sound alarm over latest change to U. S. tariffs
Donald Trump has altered tariff policies on Canadian goods again – leading companies like Laval Tool & Mould Ltd. in Windsor-Essex saying it could cost them millions. Company president Jonathon Azzopardi expresses concern that without government intervention, Canada’s mould making industry faces a bleak future.
For businesses such as Jonathon Azzopardi’s at Laval Tool and Mould, rising tariffs are increasing production costs by 10% to 50%, adding significant burdens since their products already range in cost from “hundreds of thousands of dollars up into millions.”
Azzopardi mentioned that a $1 million mould could incur an extra $100,000 to $500,000 in tariffs – fees he warns could cripple tool and mould manufacturers.
The announcement and funding were described by him as “really important” for helping businesses survive.
“Most companies haven’t budgeted for paying between 10% and 50% extra on their production costs,” Azzopardi stated. “Without that funding, many firms will have no choice but either close down or relocate or face some hard choices.”
Azzopardi doesn’t see moving operations south of the border as his main concern right now.
Like many in Windsor’s tool and mould sector, he feels strongly tied to Canada. Instead, he believes discussions should focus on whether businesses need multiple country operations as markets change.
“You might have an operation in Canada; you might also operate in the United States or Mexico or even India,” said Azzopardi......</i<i<i.<i<i<i<i. i (ihs)hs)..<i./ (pgpg) It’s a challenging conversation he finds himself navigating amidst ongoing trade tensions.<hp
<< ppp >“I don’t want my business moving,” said Azzopardi. “I have no plans on relocating my company But do I anticipate having tough decisions ahead based on my current situation?”P
