Sisi Chan

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

Canada’s steel industry association has voiced partial satisfaction with Prime Minister Mark Carney’s most recent initiatives to bolster the local market. Catherine Cobden, the CEO of this association, highlighted the sector’s hopes and concerns in response to these tariff measures.

The big picture: The new steps include stiffer quotas on foreign steel and a commitment to cutting freight rates for cross-provincial border transportation of materials. However, the CEO of the Canadian Steel Producers Association sees these efforts as insufficient to balance the losses incurred due to shrinking US markets.

Catherine Cobden expressed disappointment at the extension to the remission program, which benefits specific steel importers. She claims that this extension undermines Canada’s retaliatory tariffs on U.S. steel. The cause for concern lies in the burden it places on domestic producers.

The federal government’s promise to wrap up this remission program by January end is under scrutiny. Cobden promises to hold the government accountable to their commitment, ensuring the safeguard of national industry interests.