Sisi Chan

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

Canada’s steel industry leaders, while appreciating the newly initiated tariff measures by Prime Minister Mark Carney, emphasize the need for more decisive action. The current measures, although beneficial to the domestic market, are not providing the expected relief from U.S. tariffs.

Mark Carney, in a recent move, announced new strategies to assist steel and lumber producers in finding new markets in Canada. However, these measures are met with a mixed reaction.

The specifics: The new measures consist of a tighter quota on foreign steel imports and a commitment to decrease rail freight rates for materials moved across provincial boundaries. These actions aim at fostering domestic competitiveness.

Catherine Cobden, CEO of the Canadian Steel Producers Association, voiced her skepticism towards the measures. While recognizing them as a welcome step, she questions if they could fully compensate for the loss caused by restricted access to the U.S. market.

Ottawa’s decision to extend the remission program for the second time, a move seen as watering down Canada’s retaliatory tariffs on U.S. steel, drew disappointment from the industry.

In conclusion, Cobden expresses her resolve to ensure the federal government stays true to its promise of ending the remission program by the close of January.