Canada's PM Unveils Measures to Boost Steel Industry

Prime Minister Mark Carney announced new measures to support Canada’s steel industry and prevent steel dumping amid the ongoing trade war with the U.S. The government plans to restrict and reduce foreign steel imports by reevaluating tariff-free quota volumes and increasing tariffs on steel products from non-U.S. countries with steel melted in China. Carney emphasized the need to manage industry transformation and better support companies and workers. Canada will tighten tariff rate quota levels for steel products from non-free-trade agreement countries and introduce a tariff rate quota for non-U.S. countries with trade agreements. The top countries from which Canada imports steel without a free-trade agreement include China, Taiwan, Turkiye, India, Brazil, the United Arab Emirates, Thailand, and Argentina. Carney also highlighted the importance of diversifying trade relationships and relying more on Canadian steel for domestic projects.

Carney announced funding for training and changes to loan requirements to support steel workers and the industry. The measures come amid ongoing negotiations with the U.S. for a new economic and security deal. Carney expressed the belief in free trade and low tariffs as the best arrangements. The announcement excludes changes to deals with the U.S. and Mexico, and countermeasures in the trade war remain the same. Carney revised the deadline for reaching an agreement with the U.S. to August 1.