Sisi Chan

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

The Canadian Steel Industry is breathing a sigh of relief, welcoming new tariff measures introduced by Prime Minister Mark Carney. However, it’s clear that the sector considers this a mere stepping stone toward a more comprehensive solution.

Disappointment in the new measures

Ironically, the same policy changes met with applause have sown a seed of discontent. The extension of Canada’s remission program for certain steel importers, announced concurrently with the new tariff measures, undermines Ottawa’s retaliatory tariffs and has left many in the industry frustrated.

Carney’s announcement

Mark Carney took the stage, announcing new policies orientated at stimulating domestic trade among steel and lumber producers. The legislation gravitates towards limiting foreign steel entry and providing relief through reduced cross-border transport rates.

Comments from Catherine Cobden

Catherine Cobden, CEO of the Association, backed the measures, although she admitted they were not a panacea for the losses inflicted by the reduction in U.S. market access. Further, she also voiced concern over the continued extension of the steel import remission program.

Cobden’s expectation from federal government

Cobden affirmed she will be keeping a watchful eye on the federal government in ensuring that they live up to Carney’s commitment of terminating the remission program by end of January.

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