14:04:51 EDT Mon 24 Aug 2026
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Ford CDR (CAD Hedged)
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Globe says Algoma Steel hears PM raise prospect of help

2026-08-24 09:24 ET - In the News

See In the News (C-ASTL) Algoma Steel Group Inc

The Globe and Mail reports in its Monday edition that Mark Carney has signalled his willingness to help businesses endure a prolonged trade war with the United States after walking away from talks with the Trump administration on Friday. The Globe's Matthew Scace quotes the Prime Minister saying: "We will support these businesses for as long as it takes. In other words, beyond the life of this U.S. administration." He said the government will provide details on tariff relief for businesses this week, primarily through the Business Development Bank. On Monday, the PM is scheduled to announce "investments to defend our waters and strengthen our trade routes," at a news conference with Premier Christine Frechette. Mr. Carney has promised dollar-for-dollar tariffs on American imports beginning after Labour Day. University of Calgary economics professor Trevor Tombe estimates those tariffs would generate about $1-billion in additional monthly tax revenue for Ottawa. He said, "That's a lot that they then can use to support individuals and businesses through this moment." Ontario Premier Dough Ford said, without giving details, that the trade war "will be painful" and the government will back the steel and auto sectors.

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