Canada introduces tariffs on trade partners to protect domestic industries
Summary
Canada plans to introduce a tariff rate quota on countries it has free trade deals with, except the United States, to protect its steel industry. This includes new tariffs on steel imports from some countries and prioritizing domestic steel companies in government projects. The Canadian government aims to help the local steel industry stay competitive.Key Facts
- Canada will set a tariff rate quota for countries it has free trade agreements with, excluding the United States.
- A 50% tariff will apply to imports exceeding 2024 volumes for these countries.
- Steel imports from all countries with steel made in China will get an extra 25% tariff before the end of July.
- Canada is responding to domestic industry complaints about increased steel imports making the local industry uncompetitive.
- A fund of one billion Canadian dollars is created to support steel companies in Canada.
- For countries without free trade agreements, the tariff-free quota is reduced to 50% of 2024 volumes, with a 50% tariff on imports above that.
- Canadian steel companies will be prioritized in government spending on projects.
- Canadian steel maker Evraz has filed a complaint against unfairly priced steel imports from Mexico, the Philippines, South Korea, Turkey, and the US.
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