Sisi Chan

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

In the attempt to buffer the domestic market from U.S tariffs, Prime Minister Mark Carney’s measures have been met with a muted reception from Canada’s steel sector, despite the supportive intent behind them.

Carney’s new measures: Aimed at aiding steel and lumber producers in finding new trading avenues within Canada, these incorporate tighter restrictions on foreign steel entry along with diminished freight rates for cross-province materials transportation.

Response from Canadian Steel Producers Association: The association’s CEO, Catherine Cobden, recognises the support the measures offer, yet she underscores that the inability to completely offset the U.S. market’s lost access, leaves the measures falling short of expectations.

Ottawa’s second remission program extension catering to particular steel importers has been disappointing for the industry. This extension undermines the retaliatory tariffs on U.S. steel, leaving local producers in a bind.

In the wake of this, Cobden cast her hopes on the government, adhering to its word subsequent to PM Carney’s assurance that the remission program would terminate by the end of January, over three months past the original deadline.