Carney promises to curb non-U.S. steel imports as domestic industry sends out distress signals
CBC
Prime Minister Mark Carney promised to further crack down on the amount of cheap, foreign steel entering the Canadian market, as the industry continues to be clobbered by U.S. President Donald Trump's tariffs.
Carney made the announcement in Hamilton on Wednesday morning. It's unclear whether the proposed measures will be enough to buoy an industry that has already seen layoffs and lower production levels in the weeks since the U.S. imposed 50 per cent duties.
The prime minister said by the end of the month, the government will bring in a new tariff rate quota system that he argues "will ensure Canadian steel producers have a bigger share of the Canadian market, create more resilient supply chains and unlock new private capital for Canadian production."
Last month, the government announced changes to the quota system, which allows a set level of product to enter Canada at a lower tariff rate, but it was criticized by the industry for not going far enough.
Steel products from non-free trade agreement partners will see the tariff rate quota level tighten to 50 per cent of 2024 volumes. A 50 per cent tariff will be imposed on any imports beyond those levels, Carney said.
For steel products from non-U.S. partners with free trade agreements, the federal government said it will introduce a tariff rate quota level at 100 per cent of 2024 volumes and apply the same 50 per cent tariff above those levels.
Carney said Canada will also implement additional tariffs of 25 per cent on imports from all non-U.S. countries containing steel melted and poured in China.
Existing arrangements with the Canada-U.S.-Mexico Agreement (CUSMA) will remain the same, he said.
Carney announced no changes to current trade measures with the U.S.
"In recent years, the global steel industry has been undergoing a fundamental shift — driven by many factors, including foreign competition that unfairly benefits from non-market policies and practices," Carney said at a steel manufacturing plant.
In March, Trump imposed 25 per cent tariffs on the Canadian steel and aluminum sectors, citing national security concerns. He hiked the tariffs to 50 per cent in June.
Canada's steel industry says the consequences have been severe.
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