Sisi Chan

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

The head of Canada’s steel industry association has given a mixed response to the new measures proposed by Prime Minister Mark Carney. These efforts are aimed at boosting the domestic market amidst U.S. tariffs.

The big picture: New measures announced by Carney intend to aid steel and lumber producers in establishing new markets within Canada. These include quota restrictions on foreign steel and reduced freight rates.

Catherine Cobden, CEO of Canadian Steel Producers Association, voiced doubts about these measures. She questioned if they could fully compensate for the loss caused by U.S. market access limitations. Nevertheless, Cobden acknowledged them as a critical step towards providing some relief for the industry.

Disappointment was expressed over Ottawa’s move to extend the remission program for some steel importers for the second time. In Cobden’s view, this is undercutting the retaliatory tariffs on US steel.

Critical update: The federal government has committed to end the remission program by the end of January. Cobden plans to hold the government accountable for this promise.