Canada’s Carney announces new measures to support steel

Prime Minister, Mark Carney, has announced a suite of targeted measures to stand behind Canada’s steel industry.

In a speech the recently appointed Canadian PM pledged that Canada’s new government will restrict and reduce foreign steel imports entering the Canadian market through changes to tariff rate quotas soon to take effect. Steel products from non-FTA countries will face changes from 100% to 50% of 2024 volumes. Above those levels, a 50% tariff will apply.

For non-US partners where there is an FTA, 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. Existing arrangements with CUSMA partners will remain the same, including no changes current trade measures with the USA.

There is an intention to favour the use of Canadian steel and aluminium in Canadian-made products.

The country will implement additional tariffs of 25% on steel imports from all non-US countries containing steel melted and poured in China before the end of July.

Carney said these measures will ensure Canadian steel producers are more competitive by protecting them from a fast-changing global environment for steel, creating more resilient supply chains, and unlocking new private capital.

Further measures involve reskilling, investments in new products, and support for steel small and medium-sized enterprises facing liquidity challenges.