Sisi Chan

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

The Canadian steel industry has reacted to Prime Minister Mark Carney’s package of measures, unveiled recently to bolster the domestic market. [Source]

New measures announced by the Prime Minister are primarily aimed to help steel and lumber producers find fresh markets within Canada. [Statement]

Specifically, these measures encompass stricter quotas and reduced freight rates, impacts of which are eagerly anticipated by the industry.

Catherine Cobden, CEO of Canadian Steel Producers Association, views these measures as a positive step forward, albeit insufficient to fully compensate for the industry’s losses.

There has been criticism from the industry regarding Ottawa’s decision to extend its remission program. The critics assert its dilutive effect on retaliatory tariffs levied on the U.S.

Looking ahead, Cobden hopes for the federal government to take prompt and insightful actions, especially after Carney’s promise that the remission program will terminate in January.