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Industrial Sector Under Pressure as Tariff Impact Builds
Manufacturing sales’ slump deepened. With U.S. tariffs taking effect, sales of manufactured goods declined sharply in March, posting a 1.4 per cent monthly drop. The import duties on steel and aluminum products weighed on primary metal manufacturing, which saw a 6.5 per cent monthly decline. Sales of petroleum and coal products also fell notably, down 4.2 per cent, though this was largely due to lower commodity prices. As expected, Ontario and Quebec – Canada’s major manufacturing hubs – saw significant declines in total shipments. In Ontario, weaker sales in chemical products and primary metals led the decrease. In Quebec, contractions in primary metals and transportation equipment added to the overall weakness.