Canada curbs steel imports to shield domestic industry from Trump tariffs
Summary
Canada plans to limit steel imports to protect its local steel industry from additional tariffs imposed by the US. Prime Minister Mark Carney announced measures to reduce reliance on the US, including stricter import quotas and increased use of Canadian steel for major projects.Key Facts
- Canada will limit tariff-free steel imports to support local manufacturers affected by US tariffs.
- The US tariff on Canadian steel increased from 25% to 50% this year.
- Canada aims to lower import reliance since nearly two-thirds of its steel consumption comes from imports.
- Canadian steel exports heavily depend on the US market, making up over 90% of exports.
- New import quotas will limit steel imports to 50% of 2024's volume for countries without trade deals with Canada.
- Steel imports exceeding the quota will face a 50% tariff.
- Additional tariffs target steel from non-US countries made using Chinese-origin steel.
- Canadian federal projects, such as housing and defense, will prioritize using Canadian steel.
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