Sisi Chan

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

The Canadian steel industry expressed its disappointment with some of the measures deployed by Prime Minister Mark Carney to buffer against U.S. tariffs. Read more about Prime Minister Mark Carney’s role and the U.S. tariffs impact.

Newly announced measures by Prime Minister Carney are aimed at bolstering domestic steel and lumber industries. Included are a set of supportive images illustrating these efforts.

Details on the measures: These consist of restrictions on foreign steel and a reduction in freight rates for domestic transportation.

Catherine Cobden, CEO of the Canadian Steel Producers Association, believes that while the new measures may not completely offset the losses incurred by the U.S. market, they are nonetheless a positive move.

The industry’s dismay stems from the extension of Canada’s remission program for certain steel importers. This move has diluted the potency of Canada’s retaliatory tariffs on U.S. steel.

Cobden anticipates the cessation of the remission program, a step promised by Prime Minister Carney. She outlines a specific timeline mapped for the conclusion of this program.