Sisi Chan

Steel Sector Praises New Tariff Measures, but Says More Needs to Be Done

Canada’s steel industry is welcoming the new measures rolled out by Prime Minister Mark Carney to mitigate repercussions of U.S. tariffs. The industry insiders stress, however, that these won’t wholly offset the ensuing losses.

Carney’s New Measures

Prime Minister Mark Carney has announced a series of initiatives aimed at bolstering the struggling steel and lumber sectors. These measures include stringent quotas on foreign steel and lowering freight rates for transporting materials across provinces.

Reaction from Canadian Steel Producers Association

Catherine Cobden, CEO of the Canadian Steel Producers Association, respects these innovations while concurrently asserting that they fall short of bridging the gap formed by the loss of the U.S. market.

Concerns about Ottawa’s Remission Program

Cobden’s critique doesn’t end with inadequate compensation. She expresses her disappointment with the second extension of the remission program, which hampers Ottawa’s recourse to U.S. steel tariffs.

Expectations from the Federal Government

She remains insistent regarding her demand for the termination of the remission program by January. This expectation is based on a promise made by Prime Minister Carney.

More on Canada

For more insights into Canada’s socio-economic landscape, visit the links provided to view several pertinent videos.