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The ‘Big Money Show’ panel discusses the Secretary of Commerce Howard Lutnick that predicts that President Donald Trump will ensure a commercial agreement with the EU before August 1 and asks the Canadian Prime Minister Mark Carney to open the markets of the United States.
Canada threw tens of thousands of jobs in July, dragging the country’s employment rate at its lowest point in eight months as president of the United States. Donald Trump’s The tariffs extended through the key industries.
The labor market investment occurred only weeks after an increase in hiring. Statistics Canada Data, cited by Reuters, showed The economy He created 83,000 jobs in June, but lost 40,800 in July, erasing almost half of that gain.
The proportion of Canadians of working age with jobs fell to 60.7%, while the unemployment rate remained stable at a maximum of 6.9%almost to a mortal year, depending on the departure.
Trump’s sectoral tariffs on steel, aluminum and cars have reached the manufacturing sector with force and have reduced the intentions of hiring companies, said Reuters, citing statements from the Bank of Canada.
Trump increases Canada’s tariffs to 35% while establishing new tariff rates for dozens of other countries
The workers discuss their work in Steelcon, a structural steel design and manufacturing company, in St. Catharines, Ontario, Canada, January 31, 2025. (Carlos Osorio / File Photo / Reuters)
As part of a broader “first” Commercial policyTrump introduced specific tariffs in the sector in an effort to protect the manufacture of the United States and reduce commercial deficits with key partners.
Manufacturing employment fell almost 10,000 compared to the previous year, according to Statistics Canada, Reuters said.
Marty Warren, National Director of United Steelworkers Union, confirmed at the exit that approximately 1,000 of its members have been fired.
Trump raises tariffs on India, Canada, Brazil and others for stagnant commercial agreements
The Bank of Canada, in the photo here in Ontario, Canada, May 23, 2017. (Reuters/Chris Wattie/File Photo/Reuters Photos)
Young workers were struck especially hard. Unemployment among young people aged 15 to 24 increased to 14.6%, while their employment rate fell to 53.6%, invisible levels since the late 1990s, excluding the pandemic years, Reuters added.
Despite the setbacks, the national dismissal rate remained at 1.1%, which suggests some stability in other parts of the economy, the departure said.
He Canada Bank He left his reference interest rate without changes this week, but according to reports, he hinted that he could move to reduce rates if growth continues to hesitate and inflation remains under control.
President Donald Trump signs an executive order in the Oval Office of the White House in Washington, DC, on January 30, 2025. (Bonnie Cash/Upi/Bloomberg/Getty images/getty images)
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The Oxford Economics Economist Tony Davenport expects more loss of employment Before, predicting around 140,000 more layoffs and unemployment rising in the middle of the range of 7% at the end of this year, according to Reuters.
Fox Business contacted the White House to comment.
Reuters contributed to this report.
