Sisi Chan

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

Introduction: The Canada’s steel industry expressed disappointment with certain measures put forward by Prime Minister Mark Carney in order to strengthen the domestic market against U.S. tariffs.

Carney’s Measures: PM Carney has launched new initiatives to assist steel and lumber producers in Canada. This involves curbing the influx of foreign steel and offering reduced freight rates for material transport throughout the provinces. These measures include tightening foreign steel quotas and a pledge to lower freight rates.

Industry Reaction: Catherine Cobden, the CEO of the Canadian Steel Producers Association, voiced concerns over whether these measures are enough to offset the losses caused by restricted U.S. market access. Cobden also criticized the government’s decision to extend the remission program, despite their promise to end it by the close of January.