US EditionCanada announces new tariff measures on imported steel to protect domestic industry
CANADA, JUL 17 – Canada introduces tariff rate quotas and a 50% tariff on excess steel imports to protect domestic producers amid U.S. tariffs and a 30% drop in Canadian steel production, officials said.
- Prime Minister Mark Carney announced new tariff measures on July 18 to protect Canada's steel industry amid rising global trade tensions.
- The measures respond to U.S. President Donald Trump's earlier steel and aluminum tariff hikes to 50%, which triggered concerns over trade diversion into Canada.
- Canada will tighten quota limits to 50% of 2024 import levels, impose 50% tariffs on steel shipments above those levels from free-trade partners, and add 25% tariffs on Chinese-melted steel from non-U.S. countries.
- Carney emphasized that the initiatives aim to strengthen the position of Canadian steel manufacturers by shielding them from the effects of shifting global trade patterns in the steel sector.
- The new policies aim to bolster domestic producers shut out of the U.S. market and signal low chances for a tariff-free U.S. trade deal, indicating ongoing protectionist challenges.
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