Sisi Chan

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

Context: Despite the new tariff measures, primarily designed to defend the Canadian market against U.S. tariffs, Mark Carney’s moves have left the head of Canada’s steel industry association rather disappointed. Two links and a mention of one person are included in this context-setting paragraph.

Recently, Carney introduced new measures aimed at strengthening the steel and lumber market in Canada. These include stricter quotas on foreign steel and cutback on freight rates for materials crossing provincial borders.

Catherine Cobden, CEO of the Canadian Steel Producers Association, stated that although these new measures won’t fully compensate for the lost access to the U.S. market, they are a commendable effort to begin with.

What adds to the industry’s concerns is Canada’s remission program’s second extension announced by Ottawa. This extension weakens the retaliatory tariffs on U.S. steel, thus further disappointing the market.

Catherine Cobden has made it clear that she will hold the federal government accountable for the promise of ending the remission program by January end, providing a glimmer of hope for the steel sector.