Sisi Chan

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

Introduction: New tariff measures designed to strengthen the Canadian steel industry against U.S tariffs have been introduced by Prime Minister, Mark Carney. Canada’s steel industry, however, indicates some measure of disappointment.

Measures Announced: The aim of the measures announced by Carney is to support the steel and lumber industries in finding new domestic markets. Measures include tighter quotas on foreign steel and lower freight rates for materials crossing provincial borders by rail.

Impact on Steel Industry: The CEO of the Canadian Steel Producers Association, Catherine Cobden, stated these measures are a positive direction, but won’t fully compensate for the loss of the U.S. market.

Industry’s Response: The industry expressed disappointment when Ottawa introduced a second extension to Canada’s remission program for some steel importers, perceived as weakening the retaliatory tariffs on U.S. steel.

Federal Government’s Role: Cobden held expectation that the federal government will maintain its commitment to terminate the remission program in January, a delay of over three months from the initial deadline.