Sisi Chan

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

The steel industry is caught between appreciation and disappointment regarding the measures introduced by Canadian Prime Minister Mark Carney to buffer U.S. tariffs. While these steps are commended, they’re also deemed insufficient. The big picture: More is needed to truly bolster Canada’s steel sector.

PM Carney’s measures, announced recently, aim at reinforcing Canada’s steel and lumber industries. Despite the support, doubts regarding its scope and reach persist within the industry.

The tariffs, coupled with other efforts, delineates Carney’s strategy for protecting and promoting domestic industries. The industry, however, remains wary.

Catherine Cobden, a significant voice within the steel industry, articulates these apprehensions. She casts doubt on whether these measures will sufficiently mitigate the losses incurred from restricted access to the U.S. market.

In Cobden’s view, Ottawa’s decision to prolong the remission program for steel importers negatively impacts the retaliation tariffs imposed on U.S. steel, further diminishing the effectiveness of the newly instituted measures.

Wrapping up, Cobden expresses her commitment to ensure federal government sticks to its promise to conclude the remission program by the end of January. The industry is unwavering in its pursuit for optimal safeguard against international tariffs and economic threats.