Sisi Chan

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

Section 1: The new tariff measures unveiled by Prime Minister Mark Carney were met with disappointment but a still somewhat positive response from the Canadian steel industry. The industry felt that the measures were not sufficient to fully combat the impact of U.S. tariffs.

Section 2: Prime Minister Mark Carney announced new measures on Wednesday designed to buttress domestic steel and lumber markets against aggressive foreign competition and trade policies.

Section 3: These figured measures involve introducing tighter quotas for foreign steel and enabling reduction of freight rates, which are believed to boost domestic steel production and increase its competitiveness against foreign steel.

Section 4: Catherine Cobden, CEO of the Canadian Steel Producers Association, stated that while the actions taken are indeed important for maintaining a level playing field in the U.S. market, there is still much more that needs to be addressed.

Section 5: The industry’s disappointment arose significantly from the announcement of the extension of the country’s remission program, which will impact retaliatory tariffs on U.S. steel.

Section 6: Cobden expressed her expectation that the federal government will conclude the remission program by the end of January, thereby working further to strengthen and protect the interests of the Canadian steel industry.