Canada’s Prime Minister, Mark Carney, announced at a press conference that his government will impose additional tariffs on a range of steel products, including many imports from the U.S.
This move comes as Canada aims to shield its domestic industries amidst U.S. trade tensions and a surge of inexpensive Chinese metal.
In his address, Carney revealed a 25% tariff on steel derivative products, effective December 26, affecting approximately C$10 billion ($7.1 billion) worth of imports such as wind towers, prefabricated buildings, fasteners, and wires.
The existing 25% tariffs on U.S. steel and aluminum will stay in place.
About 40% of the items on the list are usually imported from the U.S.
Carney stated, “It’s not targeted at the US… It’s a global approach, which is creating some space for Canadian steel producers to fill it.”
Keanin Loomis, head of the Canadian Institute of Steel Construction, commented, “This is an encouraging leap forwards. We’ve been advocating for a lot of these things for months. The Prime Minister has a much firmer grasp on this file than a few months ago.”
Countries with free trade agreements with Canada will see their import quotas reduced to 75% from 100% of the 2024 level. The U.S. and Mexico, bound by the United States-Canada-Mexico trade deal, are excluded from these adjustments.
By CEO NA Editorial Staff
