Sisi Chan

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

Introduction: Canada’s steel industry has voiced mixed sentiments regarding new measures designed to stimulate the domestic market amidst U.S. tariffs. Prime Minister Mark Carney is closely linked to these changes.

New Measures Announced: Mark Carney, in an attempt to bolster the steel and lumber sectors, has initiated stringent quotas on foreign steel and introduced reduced freight rates amongst other measures.

The Steel Producers Association’s Reaction: Despite these positive changes, Catherine Cobden, CEO of the Canadian Steel Producers Association, believes they only partly compensate for the lost U.S. market share.

Criticism of Ottawa’s Actions: Cobden also expressed disappointment over Ottawa’s extension of the remission program, arguing that it dilutes the retaliatory tariffs on U.S. steel, causing an adverse effect on the domestic market.

Commitment to End Remission Program: She has pledged to hold the government accountable for its promise to terminate the remission program by the end of January.