Amid the trade war with Washington, Prime Minister Mark Carney has announced measures to support Canada’s steel industry. Such as restricting and reducing foreign steel imports.
Carney said he will do that by re-evaluating and lowering tariff-free quotas. He made the announcement in Hamilton, Ontario, the heart of the country’s steel industry. The prime minister said Canada has to overcome some immediate challenges presented by shifts in the global steel industry.
“And now the trade actions of the United States are further transforming global steel market dynamics and supply chains,” Carney said. “Let’s be clear, Canada will be one of the countries most impacted by these developments.”
Canada, Carney said, is highly exposed to what is happening in the steel industry. He now wants to crack down on how much cheap foreign steel enters the Canadian market.
To address that, Canada will boost tariffs on steel products from non-US countries that contain steel from China. He said he will tighten tariff rate quota levels by 25 percent on steel products from non-free trade agreement countries which also include Taiwan, Turkey, India, Brazil, UAE, Thailand and Argentina.
Canada imports about two-thirds of its steel consumption, and Carney laid out measures to support Canadian steel workers and the industry, including prioritizing domestic steel in building projects.
The Canadian Steel Producers Association said it was relieved by Carney’s measures. The industry has been hit hard by the 50 percent tariffs imposed by President Trump in June. Ottawa has reciprocal tariffs in place of 25 percent.
