(Canada, 6th) Canadian industry groups have indicated that if the US maintains its 50% tariff on imported aluminum products in the medium term, the Canadian aluminum industry will face massive losses, and authorities have already discussed providing fiscal support to major domestic aluminum producers.
Reuters reported that the CEO of the Aluminum Association of Canada, Jean Simard, said in an interview on Saturday (July 5) that Canadian authorities are in early talks about providing fiscal support to major aluminum producers such as Rio Tinto. If Ottawa fails to reach an agreement with the US by July 21, this measure could help Canada's aluminum sector.
Simard stated that no decisions have yet been made regarding financial assistance, and all topics remain on the table.
He also pointed out that while the main aluminum producers operating in Canada currently have no cash flow problems, if the US's 50% tariff on aluminum imports continues for a long time, it will inevitably impact the financial condition of these producers.
About half of US aluminum products rely on imports, the vast majority of which come from Canada. Simard made these remarks after media reports on Friday (4th) that Canadian Federal Industry Minister François-Philippe Champagne said the government is in discussions with Rio Tinto Group regarding potential financial support due to the heavy US tariffs.
Reuters reported that the CEO of the Aluminum Association of Canada, Jean Simard, said in an interview on Saturday (July 5) that Canadian authorities are in early talks about providing fiscal support to major aluminum producers such as Rio Tinto. If Ottawa fails to reach an agreement with the US by July 21, this measure could help Canada's aluminum sector.
Simard stated that no decisions have yet been made regarding financial assistance, and all topics remain on the table.
He also pointed out that while the main aluminum producers operating in Canada currently have no cash flow problems, if the US's 50% tariff on aluminum imports continues for a long time, it will inevitably impact the financial condition of these producers.
About half of US aluminum products rely on imports, the vast majority of which come from Canada. Simard made these remarks after media reports on Friday (4th) that Canadian Federal Industry Minister François-Philippe Champagne said the government is in discussions with Rio Tinto Group regarding potential financial support due to the heavy US tariffs.