Canada will introduce new measures to defend its steel industry against the impact of tariffs. Prime Minister Mark Carney announced the implementation of the plan proposed a month ago, during a visit to Hamilton-based steel fabricator Walter’s Group.
“This is about protecting Canadian jobs and standing up for fair trade,” Carney said per CPAC, adding that more than 90% of Canada’s steel exports currently go to the U.S.—a concentration he called “unsustainable.”
“We will also implement tariffs on steel imports from all non-U.S. countries containing steel melted and poured in China,” he added. Carney’s reaction comes after President Donald Trump doubled tariffs on Canadian steel and aluminum to 50% on June 3.
To address this situation, Carney proposed a new tariff rate quota system. Starting August 1, …Full story available on Benzinga.com
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