Sisi Chan

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

As a response to U.S. tariffs, Canada’s domestic market sees a boost with the adaptation of new measures. These measures, while appreciated by the steel sector, suggest more actions are required for their absolute effectiveness.

Carney announced new measures Wednesday: These measures aim to aid Canadian steel and lumber producers. The specifically include tighter quotas on foreign steel and a promised reduction in freight rates for materials crossing provincial borders by rail.

Catherine Cobden, CEO of the Canadian Steel Producers Association, acknowledges the positivity of these measures but foresees them as inadequate to compensate for losses due to U.S tariffs. For her, these measures are a much-needed relief for the struggling industry.

The extended remission program for steel importers, reducing Ottawa’s retaliatory tariffs on U.S. steel, has met with industry’s disappointment.

Catherine Cobden now intends to hold the federal government accountable based on Carney’s promise. The remission program which is expected to be terminated by end of January – three months past the original deadline, remains a matter of contention.