Sisi Chan

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

The head of Canada’s steel industry association has expressed disappointment over Prime Minister Mark Carney’s package of measures to boost the domestic market, which includes dealing with U.S. tariffs.

New measures announced by Carney for steel and lumber producers are aimed at searching for fresh markets within Canada.

Specifically, the new measures involve implementing quotas on foreign steel entering Canada and reducing freight rates for materials crossing provincial borders by rail.

Catherine Cobden, CEO of Canadian Steel Producers Association, asserts that these measures are unlikely to fully compensate for the loss of access to the US market. However, there is an underlined wave of optimism about the advantages these measures could potentially bring.

Industry disappointment resonates over Ottawa’s second extension to Canada’s remission program for some steel importers. The crucial fact here is that this extension weakens Ottawa’s retaliatory tariffs on U.S. steel.

Cobden has voiced her intentions to hold the federal government accountable for fulfilling its promise. As a critical detail, it is mentioned that the remission program is expected to end by the conclusion of January.