Sisi Chan

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

Canada’s steel industry association head voices mixed feelings about the fresh measures proposed by PM Carney to stimulate the domestic market amidst US tariffs. The big picture: Despite these positive changes, there is disappointment over some aspects.

New measures, communicated by PM Carney, aim to assist steel and lumber producers to locate markets within Canada. This includes imposing stricter quotas on foreign steel and a commitment to reducing freight rates across provincial borders.

Catherine Cobden, the CEO of Canadian Steel Producers Association, believes the new measures may not effectively mitigate the effect of losing access to the U.S. market, but she acknowledges it as a beneficial step for the steel industry that desperately requires respite.

Another point of contention: The industry is displeased about Ottawa’s choice to extend Canada’s remission program for certain steel importers in critical sectors. This move is viewed as diluting Ottawa’s retaliatory tariffs on US steel.

After PM Carney’s promise to conclude the remission program by late January, extending it three months past the initial deadline, Cobden pledges to hold the federal government accountable for their commitments.