Prime Minister Carney announces new measures to help steel industry

Prime Minister Mark Carney has announced new measures to help Canada's steel industry.

The federal government will restrict and reduce foreign steel imports entering the Canadian market. There will be a review of the tariff rate quotas for non-free trade agreement partners in 30 days.

Canada will tighten the tariff rate quota levels for steel products from non-FTA countries from 100% to 50% of 2024 volumes. Above those levels, a 50% tariff will apply.

For non-U.S. partners with which Canada has a Free Trade Agreement, Canada will introduce a tariff rate quota level for steel products at 100% of 2024 volumes and apply a 50% tariff on steel imports above those levels.

The government is reviewing its remission framework to favour the use of Canadian steel and aluminum in Canadian-made products. Canada will also implement additional tariffs of 25% on steel imports from all non-U.S. countries containing steel melted and poured in China before the end of July.

There will be no changes to current trade measures with the U.S.

Carney said, “Our steel industry will be central to Canada’s competitiveness, our security, and our prosperity. As Canada moves from reliance to resilience, Canada’s new government is taking a series of major measures to support, reinforce, and transform the industry to be more resilient in the face of profound shifts in global trade and supply chains.”