Canada announces new support for lumber, steel industries hit by tariffs
Summary
Canada announced new support measures for its steel and lumber industries to handle US tariffs and boost the domestic market. Prime Minister Mark Carney explained that Canada will reduce steel import quotas and impose tariffs on certain imported steel products. Canada is also helping with transportation costs and encouraging the use of domestic steel and lumber in construction.Key Facts
- Canada is offering more support for its steel and lumber industries due to US tariffs.
- The US has imposed a 50% tariff on Canadian steel and a 45% tariff on softwood lumber.
- Canada will cut steel import quotas for non-free trade countries to 20% and for free trade countries to 75%.
- A global 25% tariff will be imposed on specific steel-related products imported into Canada.
- The steel industry in Canada is worth over 4 billion Canadian dollars and employs more than 23,000 people.
- Canada will cut freight rates by 50% for transporting steel and lumber within the country starting in 2026.
- The government will promote the use of Canadian steel and lumber in homebuilding.
- Prime Minister Carney plans to discuss trade tensions with President Trump during an upcoming visit to Washington.
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