Sisi Chan

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

The head of Canada’s steel industry association communicated some contention on Prime Minister Mark Carney’s set of measures, targeted to buffer the domestic market from U.S tariffs.

PM Carney’s latest initiative aims to help steel and lumber producers identify new markets within the country. Key changes include stricter limits on foreign steel import and a commitment to slash crossing-province rail freight rates.

Catherine Cobden, CEO of the Canadian Steel Producers Association, acknowledges these measures as beneficial. Yet, they fall short to compensate for the absence of the U.S. market. Nevertheless, they are considered a significant stride towards necessary relief.

Cobden broadcasts the industry’s unrest in response to Ottawa’s nod for a further extension to Canada’s remission program for some steel importers in vital industries. She believes this move devalues Ottawa’s counter tariffs on U.S. steel.

Continuing, Cobden binds to keeping the federal government in check following Carney’s pledge to terminate the remission program by the end of January, extensively postponing the initial due date.