Sisi Chan

Steel sector praises new tariff measures, but says more needs to be done

Introduction: The head of Canada’s steel industry has voiced disappointment in Prime Minister Mark Carney’s package of measures intended to augment the domestic market, despite recognition of some beneficial aspects.

New measures announced: Announced by Prime Minister Carney, the new measures include stricter quotas on foreign steel and lower freight rates for materials crossing provincial borders via rail. These steps are aimed at supporting steel and lumber producers.

Reaction of the industry: Catherine Cobden, CEO of the Canadian Steel Producers Association, has applauded the steps but holds reservations about their overall effectiveness, particularly in compensating for losses from the U.S. market’s inaccessibility.

Concern about remission program: Widespread industry unease exists regarding extensions to Ottawa’s remission program, a policy viewed as weakening retaliatory tariffs on U.S. steel goods.

Expectations from the government: As we move forward, Cobden expects the federal government to fulfill its promise of terminating the remission program by the end of January, three months later than the original deadline.