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Economic Viewpoint

Recent Changes to Metal Product Tariffs Are Creating Challenges for Manufacturers

May 4, 2026
Hendrix Vachon, Principal Economist and Team Leader • Florence Jean-Jacobs, Principal Economist • Samuel Turcotte, Analyst

The US administration’s tariff policies have hit Quebec harder than the rest of Canada until now. And things are likely to get even tougher on the heels of the latest changes to tariffs on metal products that took effect on April 6. These changes have flown under the radar somewhat due to other political news and the conflict in Iran, but we think it’s important to keep an eye on them. Manufacturing companies could see their situation worsen.

NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.