Amid the ongoing trade war with the United States, Prime Minister Mark Carney has announced a slate of new measures to help and protect the steel and lumber industries.
Among the new measures is further limiting foreign steel imports from countries without a free trade agreement with Canada — from 50 to 20 per cent of 2024 levels — a measure largely aimed at reducing Chinese steel imports.
Canada had already reduced those quotas in July, from 100 per cent to 50 per cent, and has imposed a 25 per cent surtax on steel and aluminum goods that originate from China, with the latter being Canada’s second-largest source of steel imports.
Carney made the announcement in Ottawa on Wednesday, as trade talks with the U.S. remain stalled after the fallout over Ontario’s anti-tariff ad last month.
“Steel and lumber are core to Canada’s competitiveness,” Carney said in a statement. “To compete and win in this new global environment, these strategic sectors must be ready to seize new markets at home and around the world.”
The government will also reduce quotas for countries with which Canada has a free trade agreement, going from 100 per cent to 75 per cent of 2024 levels.