The ‘Large Cash Present’ panel discusses Commerce Secretary Howard Lutnick predicting President Donald Trump will safe a commerce cope with the EU by Aug. 1 and calling on Canadian Prime Minister Mark Carney to open markets to the U.S.
Canada shed tens of hundreds of jobs in July, dragging the nation’s employment price to its lowest level in eight months as U.S. President Donald Trump’s tariffs rippled by key industries.
The labor market’s reversal got here simply weeks after a surge in hiring. Statistics Canada knowledge, cited by Reuters, confirmed the financial system created 83,000 jobs in June however misplaced 40,800 in July, erasing practically half of that achieve.
The share of working-age Canadians with jobs slipped to 60.7%, whereas the unemployment price held regular at a near-multi-year excessive of 6.9%, in accordance with the outlet.
Trump’s sectoral tariffs on metal, aluminum and autos have hit the manufacturing sector laborious and lowered the hiring intentions of corporations, Reuters mentioned, citing statements from the Financial institution of Canada.
TRUMP ESCALATES CANADA TARIFFS TO 35% WHILE SETTING NEW TARIFF RATES FOR DOZENS OF OTHER COUNTRIES
Staff talk about their jobs at Steelcon, a structural metal design and fabrication firm, in St. Catharines, Ontario, Canada, Jan. 31, 2025. (Carlos Osorio/File photograph / Reuters)
As a part of a broader “America First” commerce coverage, Trump launched sector-specific tariffs in an effort to guard U.S. manufacturing and scale back commerce deficits with key companions.
Manufacturing employment fell by practically 10,000 from a yr earlier, in accordance with Statistics Canada, Reuters mentioned.
Marty Warren, nationwide director of the United Steelworkers union, confirmed to the outlet that about 1,000 of its members have been laid off.
TRUMP RAISES TARIFFS ON INDIA, CANADA, BRAZIL AND OTHERS OVER STALLED TRADE DEALS
The Financial institution of Canada, pictured right here in Ontario, Canada, Could 23, 2017. (Reuters/Chris Wattie/File Picture / Reuters Images)
Youth staff have been hit particularly laborious. Unemployment amongst 15- to 24-year-olds jumped to 14.6%, whereas their employment price fell to 53.6%, ranges unseen for the reason that late Nineties, excluding pandemic years, Reuters added.
Regardless of the setbacks, the nationwide layoff price stayed at 1.1%, suggesting some stability in different components of the financial system, the outlet mentioned.
The Financial institution of Canada left its benchmark rate of interest unchanged this week however reportedly hinted it might transfer to chop charges if development continues to falter and inflation stays underneath management.
President Donald Trump indicators an government order within the Oval Workplace of the White Home in Washington, D.C., Jan. 30, 2025. (Bonnie Money/UPI/Bloomberg/Getty Photographs / Getty Photographs)
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Oxford Economics economist Tony Davenport expects additional job losses forward, forecasting about 140,000 extra layoffs and unemployment climbing into the mid-7% vary later this yr, in accordance with Reuters.
FOX Enterprise reached out to the White Home for remark.
Reuters contributed to this report.