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U.S.-Canada Metal Tariff Talks Amid $1.3B Industry Losses

8/1/2025

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Summary

Story summary

As the August 1 trade deal deadline looms, U.S. Treasury Secretary Scott Bessent is set to engage in negotiations with Canada over metals tariffs that have rattled producers on both sides. President Trump’s tariffs have hit companies hard, with Ford facing a staggering $800 million loss, while Canadian steelmaker Algoma Steel scrambles for $500 million in funding to weather the storm.

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Story summary

As the August 1 trade deal deadline looms, U.S. Treasury Secretary Scott Bessent is set to engage in negotiations with Canada over metals tariffs that have rattled producers on both sides. President Trump’s tariffs have hit companies hard, with Ford facing a staggering $800 million loss, while Canadian steelmaker Algoma Steel scrambles for $500 million in funding to weather the storm.