Sisi Chan

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

The Canadian steel industry has demonstrated a mixed reaction to Prime Minister Mark Carney’s new tariff measures, displaying both appreciation and disappointment for the enacted legislation.

One Disappointment

The sector, although acknowledging the benefit of measures boosting the domestic market amidst U.S. tariffs, isn’t wholly satisfied.

Carney’s Announcement

The recently announced measures aim to aid steel and lumber producers in finding new domestic markets. These include plans to reduce freight rates, alongside stricter quotas on foreign steel entering Canada.

Reaction of Catherine Cobden

Catherine Cobden, CEO of the Canadian Steel Producers Association, voices that these measures won’t fully compensate for the lost access to the U.S. market. However, she acknowledges it as a step in the right direction.

Extension of Canada’s Remission Program

Cobden expresses discontentment over Ottawa’s decision to extend its remission program for certain steel importers. This move is seen as weakening retaliatory tariffs on U.S. steel. Cobden pledges to hold the federal government accountable for its promise to end the program by the end of January.