Sisi Chan

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

Introduction: The head of Canada’s steel industry has voiced disappointment in PM Mark Carney’s actions, despite benefiting from measures intended to improve the domestic market in response to U.S. tariffs.

New measures by Carney: The PM has introduced new initiatives to endorse steel and lumber producers to discover novel markets within Canada. These involve stricter quotas on foreign steel and a commitment to reduce freight rates.

Association CEO’s standpoint: Following these announcements, the CEO of the Canadian Steel Producers Association opined that while these measures are encouraging, they won’t completely offset the loss resulting from limited access to the U.S. market.

Extension of remission program: An additional setback for the industry is Ottawa’s recent announcement regarding a second extension of Canada’s remission program for some steel importers, which undermines Ottawa’s retaliatory tariffs on U.S. steel.

Promises for the future: Catherine Cobden, association president, stated she would hold the government accountable after Carney guaranteed that the remission program would end at the close of January, over three months beyond the initially predetermined deadline.