Sisi Chan

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

Introduction: The recent tariff measures introduced by Prime Minister Mark Carney have attracted mixed reviews from the Canadian steel industry. Amidst ongoing U.S. tariffs, the new measures strive to invigorate the domestic market, but have also sparked a sense of disappointment within the industry.

Carney’s Announcement: Prime Minister Mark Carney’s latest announcement unveiled new tariff measures. These are aimed at enabling Canadian steel and lumber producers to diversify and cement their foothold in domestic markets.

Cobden’s Response: Catherine Cobden, CEO of the Canadian Steel Producers Association, expressed a cautious optimism about the new tariffs. However, she clearly marked a need for more, claiming the measures fall short of compensating for the lost U.S. market.

Industry Disappointment: Further industry unease has stemmed from Ottawa’s decision to extend the remission program for critical steel importers. This move has seemingly watered down the impact of retaliatory tariffs on U.S. steel.

Remission Wrap-Up: Cobden has pledged to continue pushing the government to bring an end to the remission program. Originally slated to finish in January, the extension has seen Cobden express her intention to hold the government accountable for its end.