Sisi Chan

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

The Canadian steel industry leader conveyed both commendation and disappointment at the recent package of measures presented by PM Mark Carney. While Mark Carney’s measures provided some relief, they failed to meet all the industry’s expectations. Reservations primarily revolved around the extent of fostering the domestic market.

The new measures include initiatives to assist Canadian steel and lumber makers in finding new domestic markets. As a key tenet of the policy, Mark Carney promised to decrease fares for materials moving across provincial borders and implemented tighter restrictions on foreign steel imports.

Catherine Cobden, a key figure in the industry, expressed a mixed reaction to the measures. While acknowledging their potential to alleviate some pressures, she emphasized that the new steps would not completely compensate for the erosion of the U.S. market. Yet, it was a direction she saw as worth pursuing, contingent on further relief for the industry.

Additional disappointment stemmed from the persistence of Canada’s remission program for steel importers, which critics argue weakens Ottawa’s retaliatory tariffs on U.S. steel. The dilution of these countermeasures triggered concerns within the industry.

Cobden also voiced hope that the federal government, and specifically Mark Carney, would address the steel sector’s issues with urgency. She expressed dissatisfaction with the delayed wrap-up of the remission program, indicating further unfilled expectations from the newly implemented tariff measures.