Jayson Myers, CEO of Next Generation Manufacturing Canada, argues that Canada should focus on high-value manufacturing and consider tariff relief for companies investing in new technologies to counter the impact of U.S. tariffs on Canadian businesses.
The head of a Canadian manufacturing industry group suggests the nation should focus on high-value manufacturing and potentially offer tariff relief to certain companies in response to U.S. protectionist measures. Jayson Myers, CEO of Next Generation Manufacturing Canada , told BNN Bloomberg that Canada possesses a world-class manufacturing sector, boasting strong capabilities, technology, and a skilled workforce. He emphasized that while Canada shouldn't compete with the U.S.
in high-volume manufacturing, it should excel in areas like biomanufacturing, microdevices, precision manufacturing, and customized products that incorporate services. Myers noted that recent U.S. tariffs on Canadian steel and aluminum, coupled with a weaker Canadian dollar compared to the U.S. dollar, create a challenging environment for Canadian manufacturers. He expressed concern that the combined impact of tariffs and currency fluctuations could disproportionately harm Canadian businesses compared to their American counterparts. He suggested that Canada consider providing some form of tariff relief or credit to companies investing in new technologies, as this could help mitigate the adverse effects of rising U.S. import costs. Myers also pointed to the 2018 trade war as a precedent, suggesting that Canadian manufacturers should explore new product lines or business opportunities during times of economic uncertainty
CANADA MANUFACTURING TARIFFS TRADE WAR ECONOMY
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