Sisi Chan

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

Introduction: Relief mixed with displeasure marks the steel industry’s response to new tariff measures rolled out by Canada’s PM Mark Carney. Despite the helpful intents, its implementation has been met with skepticism.

Carney announced new measures Wednesday

In an effort to bolster the domestic market against U.S. tariffs, Carney has introduced a range of measures. These include tighter quotas on foreign steel entering Canada and reduced rail freight rates for inter-provincial materials transit.

Canadian Steel Producers Association CEO Catherine Cobden’s response

Catherine Cobden, head of the Canadian Steel Producers Association, expresses that these measures, though positive, may not fully compensate for the lost access to the U.S. market.

Extension to Canada’s remission program

Despite these efforts, the steel industry expresses frustration at another extension granted for Canada’s remission program. Benefiting certain steel importers, this program undermines Ottawa’s retaliatory tariffs on U.S. steel, thereby weakening the national response.

Promises for the remission program end

Cobden holds the federal government accountable after Carney’s promise that the remission program would conclude in January. An extension is viewed as a setback, occurring three months beyond the originally proposed deadline.