Prime Minister Mark Carney announced measures to limit cheap foreign steel imports into Canada to support the struggling domestic industry impacted by U.S. tariffs. A new quota system will restrict imports from countries without free trade agreements to half of 2024 volumes, with a 50 percent tariff on excess imports. Carney also highlighted the introduction of additional tariffs of 25 percent on imports from all non-U.S. countries containing steel melting products. These initiatives aim to ensure a larger market share for Canadian steel producers and strengthen supply chains.
Carney made the announcement in Hamilton on Wednesday morning, eliciting a sigh of relief from an industry that has already seen layoffs and lower production levels in the weeks since the U.S. imposed steep import taxes.
A 50 per cent tariff will be imposed on any imports beyond those levels, Carney said.
The federal government said it will introduce a tariff rate quota level at 100 per cent of 2024 volumes and apply the same 50 per cent tariff above those levels.
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