B.C. Shipbuilding Report Calls for Domestic Ferry Procurement to Offset Tariff Pressure - Business Examiner

An icon in the shape of an angle pointing down. China is the world's top shipbuilder, and as it rapidly continues to expand its navy, the Trump administration is making American shipbuilding a national priority. We went inside a US naval shipyard to see how these vessels are built and why expanding America's fleet may be harder than it sounds.

Published: October 16, 2026 at 6:47a.m. EDTRon Wells, president of the United Steelworkers local 1005, joins BNN Bloomberg to discuss the state and future of Canada's steel industry. TORONTO -- Canada’s steel industry, among the sectors hit first and hardest by U. S. President Donald Trump’s tariffs, is starting to turn a corner thanks to an uptick in mining, energy and AI data centre projects as well as government support, although the impact has not been even across the country. While Canada is a small producer globally and steel contributes less than 1 per cent to national GDP, it is one sector in which Prime Minister Mark Carney’s efforts to make Canada’s economy less reliant on the United States appear to be having some success, albeit with a heavy dose of government intervention. Steel companies have been diversifying away from the U. S. and focusing on domestic demand since Trump increased tariffs on imported steel from 25 per cent to 50 per cent in June 2025, steelmakers, analysts and union representatives said. Canada used to send around 90 per cent of its steel exports to the U.

The S&P 500 ended higher on Thursday, springing back from early losses as investors concerned about AI stocks shifted into Eli Lilly, UnitedHealth and other health care and consumer stocks. Several technology stocks ⁠fell, as ​investors scrutinized AI-related companies whose debt loads leave them vulnerable to rising interest rates. Canada’s main stock index rose 1.55%, assisted by strong gains in the materials sector as gold prices bounced back. Drugmaker Eli Lilly gained over 3% in New York, UnitedHealth added 2.8% and Walmart rose 1.4% after rating upgrades by Deutsche Bank. Those three companies were heavy contributors to the S&P 500’s gain for the session.