Sisi Chan

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

Introduction: The chief of Canada’s steel industry has commended the fresh package of measures introduced by Prime Minister Mark Carney. Despite this, the industry is disgruntled over one aspect of the package.

New measures: Carney’s new measures, focused on fortifying the domestic market, include specific aids for steel and lumber producers.

Details on measures: The regulation implements tighter quotas on foreign steel alongside lower freight rates.

Opinion of Canadian Steel Producers Association CEO: CEO Catherine Cobden, while acknowledging the measures as a positive move, fears they won’t fully compensate for the losses in the US market.

Extension of remission program for some steel: The second extension of remission, to the industry’s disappointment, undermines Ottawa’s retaliatory tariffs on U.S steel.

Ottawa’s promise: The federal government has given its word to conclude the remission program at the end of January, a postponement from the original schedule.