Sisi Chan

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

The Canadian Steel Producers Association has expressed partial satisfaction with measures introduced by Prime Minister Mark Carney to bolster the domestic market amid U.S. tariffs. Nonetheless, the extension of Canada’s remission program, which undermines Ottawa’s retaliatory tariffs on U.S. steel, has been viewed with dissatisfaction by the industry.

New measures announced by Carney: Carney’s initiatives to support the steel and lumber industries include restrictions on foreign steel and a reduction in freight rates for material transportation.

Response from Canadian Steel Producers Association: Catherine Cobden, CEO of the Canadian Steel Producers Association, opines that these measures won’t fully compensate for the industry’s loss of the U.S. market. However, she acknowledges them as a ‘step in the right direction’.

Industry’s disappointment: The sector has expressed discontent with the continuation of Canada’s remission program, which weakens Ottawa’s tariffs on U.S. steel, advocating for stronger retaliatory measures.

Promise of remission program’s end: Cobden anticipates the remission program, as guaranteed by Carney, to conclude by the end of January.