Canadian Prime Minister Kan (Mark Carney) announced a series of new tariffs on steel imports on Wednesday to address trade pressures faced by local steel companies. The measures include import quotas for certain free trade partners and an additional 25% tariff on steel products containing Chinese steel.
Kan stated that the government will implement a tariff quota system for countries with which Canada has signed a free trade agreement. If the import volume exceeds the 2024 baseline level, the excess will be subject to a 50% tariff. Kan emphasized that Canada will still fulfill its commitments under the United States-Mexico-Canada Agreement (USMCA).
At the same time, Canada will impose an additional 25% tariff on all steel products imported from China that contain "melted and poured" steel components starting in late July. Kan said, "These measures are intended to prevent other countries from transiting steel through Canada to avoid the high tariffs imposed by the United States, thus undermining the local competitive environment."
In addition, the Canadian government also announced the establishment of a CAD 1 billion steel fund to assist local companies in technology and production projects in areas such as defense, and pledged to prioritize local steel suppliers in government procurement.
For countries without a free trade agreement with Canada, the duty-free quota will be reduced from 100% to 50%, and imports beyond the quota will also face a 50% tariff.
Catherine Cobden, president of the Canadian Steel Producers Association (CSPA), told CBC that "this is what we should have done all along, and we are very pleased to see that we are making progress."
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