Sisi Chan

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

Canada’s steel industry has responded to Prime Minister Mark Carney’s new measures to fortify the domestic market, pointing out both commendation and criticism. This article covers the key aspects of this development.

The big picture: Carney’s strategies include stricter quotas on foreign steel entering Canada and deduction in freight prices for materials transported across provincial borders. These are aimed at assisting Canadian steel and lumber producers.

Catherine Cobden, CEO of the Canadian Steel Producers Association, has commented on these measures. While she accepts the moves are a step in the right direction, she strongly believes that they will not entirely rectify the loss of access to the U.S. market.

The sector has expressed disappointment toward the extension of Canada’s remission program for some steel importers, an action that weakens Ottawa’s retaliatory tariffs on U.S. steel.

Catherine further declares her intention to ensure the government’s accountability for ceasing the remission program by the end of January, which signifies a delay from the initial deadline.