P.E.I. offers businesses millions to offset the impact of U.S. tariffs - thecanadianpressnews.ca

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.

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A group of Nova Scotians gathered on the waterfront in Halifax on Saturday with a message for Premier Tim Houston: allowing the construction of a large data centre will be detrimental to the environment and the community. “These companies don’t have a lot of information that they’re able to give us, we don’t know what this is gonna look like, we already have wells that are drying up in the summertime. I don’t think we can afford to do this,” Megan Boudreau, one of the protest organizers, told Global News. Energy and infrastructure company, EverWind, announced on Friday $10 billion in private investment in a data centre campus at its existing Point Tupper site. The site would be leased and run by AI development company Anthropic, the creator of the AI assistant Claude. “Canadians are using Claude in growing numbers, and we want our infrastructure to be closer to the people who rely on it,” said Jacob Glick, head of Canada Public Policy with Anthropic. Story continues below advertisement

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