Canadian Prime Minister Mark Carney announced new tariffs to protect the domestic steel industry, including a 50 percent tariff rate quota for countries with free trade agreements, excluding the US. Additional tariffs of 25 percent will target steel imports containing Chinese steel. A new fund of one billion Canadian dollars is dedicated to supporting domestic steel projects, especially in defense. These measures address complaints from the steel industry about competitiveness and trade diversion due to US tariffs and global market changes.
Prime Minister Mark Carney announced a 50 percent tariff rate quota on countries with free trade agreements to protect Canada's domestic steel industry, excluding the US.
Canada will impose additional tariffs of 25 percent on steel imports containing steel melted and poured in China, responding to domestic industry complaints.
A fund of one billion Canadian dollars has been introduced to support domestic steel projects in sectors like defense, enhancing competitiveness for Canadian producers.
Measures taken aim to protect Canadian steel producers from trade diversion caused by changing global dynamics and US tariffs, ensuring stronger domestic market conditions.
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