Sisi Chan

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

The overall article speaks to concerns of Canada’s steel industry association regarding Prime Minister Mark Carney’s solutions intended to bolster the domestic steel sector in light of U.S. tariffs. The industry finds some benefits in these steps yet calls for further initiatives.

Carney’s measures to boost the domestic market

PM Mark Carney announces fresh measures in support of steel and lumber producers seeking local markets, notably through tighter restrictions on foreign steel importation and decreased freight rates for materials transported across provincial borders by rail.

Canadian Steel Producers Association’s response

Catherine Cobden, CEO of the Canadian Steel Producers Association, points out that while these measures will not entirely offset the loss of the U.S. market, they are a valuable initiative for a struggling economy.

Industry disappointment

Negative reaction from the industry was triggered by Ottawa’s choice to lengthen Canada’s remission program for certain steel importers, a move Cobden claims weakens retaliatory tariffs on U.S. steel.

Looking towards the future

Cobden insists she will hold the federal government to its promise that the remission program will terminate by the end of January, three months beyond the initial deadline.