Sisi Chan

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

Canada’s steel industry has expressed approval for new measures brought in by Prime Minister Mark Carney. Aimed at boosting domestic steel production, the package comes amidst the imposing U.S. tariffs.

Carney’s New Measures: The measures primarily focus on fostering domestic markets for steel and lumber. They impose tighter quotas on foreign steel entering Canada and cut down freight rates for materials transported across provincial borders.

Association’s Response: Catherine Cobden, CEO of the Canadian Steel Producers Association, acknowledges these measures as beneficial but notes they may not entirely offset the loss from the U.S. market.

Critics of the government’s remission program for steel importers believe its repeated extension has undermined the impact of retaliatory tariffs on U.S. steel.

Summing up, Cobden vows to hold the government accountable to its promise regarding the termination of the remission program.