Sisi Chan

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

The head of the Canadian Steel Industry Association praised the new measures from Prime Minister Mark Carney to bolster the domestic market against U.S. tariffs. Yet, there remains an element of disappointment.

The measures announced by Prime Minister Carney aim to aid steel and lumber producers in finding new markets within Canada. Strategies include tightened quotas on foreign steel entering Canada and reduced freight rates for moving materials across provinces via railways.

Catherine Cobden, CEO of the Canadian Steel Producers Association, affirms that while the new measures may not fully offset the losses incurred from the U.S. market, it represents a positive progress for an industry seeking reprieve.

The industry experienced disappointment when Ottawa announced an extension to Canada’s remission program for vital sector steel importers—a move that weakens Ottawa’s retaliatory tariffs on U.S. steel.

In conclusion, Cobden insists on the federal government standing by its commitment after Carney assured that the remission program would cease by the end of January, beyond the original deadline.