Sisi Chan

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

The top official of Canada’s steel industry has shown a mix of disappointment and approval towards the new measures introduced by Prime Minister Mark Carney. These measures, designed to boost the domestic market in the face of U.S. tariffs, haven’t completely won over the steel industry.

The specifics: The fresh measures include stricter quotas on foreign steel entering Canada and a commitment to decrease freight rates for materials transported across provincial borders by rail. These efforts aim to support steel and lumber producers nationwide.

Catherine Cobden, CEO of the Canadian Steel Producers Association, voiced out her opinions on these measures. She is skeptical that these measures can make up for the loss of the U.S. market access, nevertheless, she recognizes them as a helpful step for the distressed industry.

The steel industry expressed its disappointment when Ottawa announced the second extension of Canada’s remission program for certain steel importers. This program reduces the retaliatory tariffs on U.S. steel, which the industry sees unfavorably.

Cobden’s take: Catherine Cobden is determined to hold the federal government accountable to their promise. As per their announcement, the remission program is supposed to end by the end of January, after the original deadline.