Sisi Chan

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

The big picture: The recent tariff measures introduced by Prime Minister Mark Carney are being commended by the Canadian steel sector. However, there remains an argument for more action to be taken.

Tax Measurement in the Steel Industry

New measures announced include tighter quotas on foreign steel entering Canada and a reduction in freight rates for materials crossing provincial boundaries by rail. While these efforts may not fully compensate for the loss of the U.S. market, they represent a positive step forward in supporting Canada’s steel and lumber producers seek new domestic markets.

Critique of Extension to Remission Program

An extension of the remission program for some steel importers in critical sectors is seen as a dilution of the retaliatory tariffs on U.S. steel. This decision has been a point of critique within the industry, most notably from Catherine Cobden, CEO of the Canadian Steel Producers Association, who is calling for greater government accountability.