Sisi Chan

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

Summary of Recent Developments: The head of Canada’s steel industry is not completely satisfied with the new tariff measures, even though they have provided far-reaching benefits. Recently, Prime Minister Mark Carney enacted these new measures to protect domestic industries.

New Measures: The new measures Mark Carney announced include stricter quotas on foreign steel imports into Canada and reduced freight rates on provincial rail-bound goods. These initiatives aim to strengthen the domestic steel and lumber industries.

Industry Reaction: Despite the significant positive changes implemented, Catherine Cobden, the CEO of Canadian Steel Producers Association, expresses some reservations. She acknowledges that the measures are a positive step but concerns remain over compensations made due to the impact of U.S tariffs.

The industry was somewhat let down by Ottawa’s decision to extend its remission program, which has diminished the strength of retaliatory tariffs against U.S steel, according to Cobden.

Future Expectations:Cobden holds the federal government accountable to their promise to conclude the remission program by the end of January.