Canada Unveils More Measures to Protect Tariff-Hit Steel, Lumber Sectors
Canada will offer more support to help the steel and lumber industries deal with U.S. tariffs and create a domestic market, Prime Minister Mark Carney said on Wednesday, November 26.
Ottawa will reduce the quota for steel imports from countries that do not have a free trade agreement (FTA) with Canada to 20% from 50% of 2024 levels, Carney said. Countries with an FTA with Canada will see their quotas cut to 75% from 100% of the 2024 level. This does not include the U.S. and Mexico, which are bound by the United States-Canada-Mexico free trade deal.
Canada will also impose a global 25% tariff on targeted imported steel-derivative products, and incorporate broader measures to combat steel dumping. These measures are being tightened to open up the domestic market for Canadian-produced steel, said a government official.
Resource: Reuters
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