Sisi Chan

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

Canada’s steel industry association responded with modest appreciation but evident disappointment to Prime Minister Mark Carney’s new measures targeting the fortification of the domestic market in the face of U.S. tariffs. The association found the package somewhat beneficial, despite its overall disappointment.

Aiding steel and lumber producers to tap into new markets within Canada, Carney unveiled measures including restrictions on foreign steel and slashed freight rates for inter-province raw materials transport.

The Canadian Steel Producers Association’s CEO, Catherine Cobden, expressed that these measures are unlikely to fully offset the loss due to reduced access to the U.S. market. However, she vouched for them as positive advancements.

Ottawa’s decision to prolong Canada’s remission program for some steel importers did not sit well with the industry. Such extension is seen as diluting Ottawa’s retaliatory tariffs on U.S. steel.

The remission program’s timeline revealed, Cobden aims to hold the federal government accountable for its promise to end the program. This, she believes, will reinforce the impact of the new tariff measures.