Sisi Chan

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

The leader of Canada’s steel industry expresses a mixed impression of new measures introduced by Prime Minister Mark Carney. Despite some affirmative steps, the overall package disappoints in its unfulfilled promise.

The new measures, structured to bolster the domestic steel and lumber markets, remain a topic of industry-wide discussion. Unfortunately, a captioned image provides little extra context or information on this issue.

Carney’s latest strategy for Canada’s steel industry includes tight quotas on foreign steel and a reduced freight rate across provinces. These benefits aim to promote the domestic market, aiding Canadian steel and lumber industries primarily.

CEO of the Canadian Steel Producers Association, Catherine Cobden, addresses the package critically, stating these measures inadequately compensate for the loss of U.S. market access. However, she acknowledges these changes as a temporary relief for an industry in crisis.

The extension of Canada’s remission program by Ottawa, which proposes softer-duty barriers on U.S. steel imports, fuels the industry’s disappointment. This decision may harm the national steel industry’s stability, a risk borne of reckless policy changes.

Lastly, Cobden insists on the federal government’s promise to cease the remission program by January’s end – a deadline extended three months beyond the original date. She remains hopeful and watchful of the government’s actions in the coming months.