Sisi Chan

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

The main picture: Canada’s steel industry, represented by its industry association CEO, has welcomed new measures introduced by Prime Minister Mark Carney to bolster the domestic market against U.S. tariffs. There’s a particular issue though, over which the CEO voiced concerns.

Details of the new measures: To aid steel and lumber producers, the Prime Minister seeks to help identify new Canadian markets, implement stricter quotas on foreign steel, and minimize freight rates as part of a broader strategy.

Industry’s viewpoint: Catherine Cobden, CEO of the Canadian Steel Producers Association, voices concerns that the new measures might not fully compensate for the industry’s potential losses due to diminished access to the U.S. market. Nevertheless, she acknowledges that these measures are a step towards relief.

Concern over remission program: There’s disappointment in the industry regarding Ottawa’s decision to prolong the remission program for steel importers, undermining its own retaliatory tariffs on U.S. steel.

The next steps: Cobden has pledged to ensure the Federal Government fulfills Carney’s promise to conclude the remission program by the end of January, a promise made later than the original plan.