Sisi Chan

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

The head of Canada’s steel industry has expressed mixed sentiments towards newly introduced tariff measures. Although the measures have been appreciated, there exists some disappointment regarding certain aspects.

A recent external link discusses Mark Carney’s latest declaration and an addition of related imagery, the specifics of which lie outside the realm of this analysis.

The newly-announced measures: Mark Carney has suggested restrictions on foreign steel and a reduction in freight rates for inter-provincial rail movement of materials.

The CEO of the Canadian Steel Producers Association, Catherine Cobden, weighs in by indicating that the new measures might not entirely offset the losses incurred due to reduced U.S. market access. However, it is acknowledged that these steps offer some relief to the struggling industry.

A concerning element for the steel industry is the extension of Canada’s remission program for certain steel importers. This step has reportedly weakened Ottawa’s retaliatory tariffs on U.S. steel, leading to industry-wide disappointment.

The federal government remains committed to concluding the remission program by the end of January, as assured by Carney.

More on CanadaMore videos: Browse through the listed articles and videos to learn more about similar topics. All links provided belong to the Global News domain.