Speaking to reporters on Wednesday, Prime Minister Carney noted that imports currently accounted for nearly two-thirds of Canada’s steel consumption, while over 90% of Canadian steel exports were destined for the US – a level of dependency he described as “unsustainable”.<\/p>\n
Under the new measures, the government will tighten its tariff rate quotas – from 100% to 50% of 2024 steel import volumes from countries without free trade agreements with Canada.<\/p>\n
Any imports exceeding that limit will face a 50% tariff.<\/p>\n
Carney also targeted China in his announcement, saying there would be an additional tariff on steel imports from non-US countries “containing steel melted and poured in China”.<\/p>\n
He added that there will be no changes to the products that are exempt under the Canada-US-Mexico free trade agreement (Cusma).<\/p>\n
The prime minister also pledged to change the federal government’s policy to require contractors to use Canadian steel.<\/p>\n
He added that Canada’s “big projects” – such as the push to build more housing and to strengthen the defence sector – will use Canadian steel.<\/p>\n
These changes will ensure Canadians are “giving ourselves far more than any foreign government can take away”, he said.<\/p>\n
Canada’s steel and aluminium industries are among the hardest hit by Donald Trump’s sector specific tariffs.<\/p>\n
Catherine Cobden, the president and CEO of the Canadian Steel Producers Association, told CBC News that there had been a 30% fall in steel production since Trump first imposed his metal tariff in March.<\/p>\n
“This is something we should have been doing all along, but it’s fantastic to see that we are making progress,” Cobden said referring to Carney’s announcement.<\/p>\n","protected":false},"excerpt":{"rendered":"Speaking to reporters on Wednesday, Prime Minister Carney noted that imports currently accounted for nearly two-thirds of Canada’s…\n","protected":false},"author":2,"featured_media":268582,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,1700,16,15],"class_list":{"0":"post-268581","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114867095657994034","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/268581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=268581"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/268581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/268582"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=268581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=268581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=268581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}