Sisi Chan

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

Opening statement: Prime Minister Mark Carney recently announced measures to fortify Canada’s domestic market against U.S. tariffs. These intentions, however, were met with mixed responses from the steel industry association, pointing out a disappointment over a particular aspect.

Carney’s announcement: The Prime Minister’s measures center around tightening quotas on foreign steel and reducing freight rates for materials crossing provincial borders by rail.

CEO’s perspective: Catherine Cobden, Canadian Steel Producers Association CEO, opines that the proposed measures may not completely offset the loss to the U.S. market, yet they represent a move in the right direction.

Industry disappointment: There is an industry-wide disillusionment concerning Ottawa’s decision to extend Canada’s remission program for the second time. This move in turn weakens Canada’s retaliatory tariffs on U.S. steel.

Future measures: Ultimately, Cobden pledges to ensure that the federal government stands by its commitment to conclude the remission program by the end of January.