Ottawa, June 26, 2018
CME testified today before the House of Commons Standing Committee on International Trade in the context of its emergency study on the potential impacts of U.S. tariffs on steel and aluminum and Canadian counter-measures on businesses and employment.
CME observed that the Canadian retaliatory tariffs are a political necessity but, stressed that the counter-measures will have a major negative impact on Canadian businesses, especially if the tariff fight is prolonged, or intensified. CME conveyed the worries of manufacturers regarding the prospect of escalating tariffs and, disruptions in the North American supply chain.
CME suggested 5 key recommendations to mitigate the impacts issued from in-depth consultations with members on the issue:
1. Focus on NAFTA renegotiation and concluding a deal
2. Excluding manufacturing inputs from retaliatory tariffs
3. Introducing safeguards to protect the domestic market against third-country dumping
4. Developing emergency relief funds for distressed industries
5. Reinvesting tariff revenue into an investment support program
ABOUT CANADIAN MANUFACTURERS & EXPORTERS
Since 1871, Canadian Manufacturers & Exporters has been helping manufacturers grow at home and, compete around the world. Our focus is to ensure manufacturers are recognized as engines for growth in the economy, with Canada acknowledged as both a global leader and innovator in advanced manufacturing and a global leader in exporting. CME is a member-driven association that directly represents more than 2,500 leading companies who account for an estimated 82 per cent of manufacturing output and 90 per cent of Canada’s exports.
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