America hikes tariffs as Steelco dismisses workers
Stelco, a Canadian steel company, announced that it will lay off hundreds of employees at its facility near Toronto and suspend operations in Hamilton due to the U.S. tariffs and the trade war between the United States and Canada, which have led to changes in the company's financial circumstances. The company confirmed that these decisions are a result of external factors and that it may need to renegotiate its previous commitments after the United States imposed a 50% tariff on steel products, threatening a legal battle and implications for employment levels. Canadian Prime Minister Mark Carney described the layoff plans as a "betrayal" of the employees, while the government threatened to take legal action against the company.
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