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Canada moving too slow to counter U.S. Inflation Reduction Act: Industry association - BNN Bloomberg

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An industry association representing 2,500 Canadian manufacturers is criticizing the federal government for moving at what it says is too slow a pace to prevent investment from flowing south in response to the U.S. Inflation Reduction Act.

Canadian Manufacturers and Exporters says Canada is at risk of missing an important window to invest in a net-zero future that would maintain critical manufacturing operations in Canada.

While he acknowledged that Ottawa is in the midst of consulting stakeholders on its response to the Inflation Reduction Act, Darby called on the federal government to"signal what it already knows and say, 'Here's what's going to be in the regulations.'" "If you're a manufacturer that's making a decision in real time on where you're about to expand, or where you're going to start your next manufacturing plant or your next piece of technology, it's pretty clear in the U.S.," he said.Some Canadian companies have also been sounding the alarm that the incentives offered by the Inflation Reduction Act are so attractive that it's impossible to compete.

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Canada moving too slow to counter U.S. Inflation Reduction Act, industry association saysCanada is at risk of missing an important window to invest in a net-zero future that would maintain critical manufacturing operations in the country, CME says
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