Sisi Chan

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

Introductory Summary: The leader of Canada’s steel industry association expresses a mix of approval and disappointment towards Prime Minister Mark Carney’s new measures to rejuvenate the domestic market impacted by U.S. tariffs.

New Measures: Carney has put forth initiatives aimed at helping Canadian steel and lumber producers identify new domestic markets. These include stricter quotas on foreign steel entering Canada, as well as a commitment to lower freight rates for materials transported across provincial boundaries via rail.

Industry Response: The measures may not fully offset the loss of access to the U.S. market, but Catherine Cobden, the CEO of Canadian Steel Producers Association, acknowledges them as a positive move.

Industry Disappointment: Notably, there’s displeasure within the sector over Ottawa’s second extension granted to Canada’s remission program for certain steel importers, weakening Ottawa’s counteractive tariffs on U.S. steel.

Future Steps: Cobden has pledged to keep the federal government accountable following Carney’s assurance that the remission program would conclude in January — three months beyond its initial end date.