Canada announces new measures to protect the steel industry!
Due to the heavy damage that Canada's steel industry is currently suffering from US President Trump's tariffs, the federal government is working hard to try to save the industry.
On Wednesday, Prime Minister Trudeau held a press conference in Hamilton, Ontario, and announced a multi-pronged package of plans.
· Set limits on imports of steel, and impose high tariffs if the limit is exceeded;
· Prioritize the use of Canadian steel in government procurement;
· Provide an additional CAD 70 million over the next three years to help steel workers with retraining.
Trudeau said, "Now, the US trade actions are further changing the dynamics and supply chains of the global steel market. We need to be clear: Canada will be one of the countries most affected by these developments."
"Looking ahead, we must diversify our trade relationships, and most importantly, in this increasingly unpredictable and unreliable world, we must rely more on Canadian steel for our projects in Canada. These changes start today."
The import ceiling is set based on the export levels of other non-US countries to Canada in 2024.
· For countries with which Canada has a free trade agreement, the ceiling is 100% of the 2024 import volume.
· For countries without a free trade agreement with Canada, the ceiling is 50% of the 2024 import volume.
· All imports exceeding these levels will be subject to a 50% tariff.
In addition, all imported steel smelted and cast in China or Russia will also be subject to a 25% tariff.
Trudeau also announced various training programs and innovation funding.
· Up to 10,000 steel workers affected by the ongoing trade war will receive training and income support through the CAD 70 million fund.
· An additional CAD 1 billion will also be invested in the Strategic Innovation Fund to help steel companies.
Original article: https://www.toutiao.com/article/1837843644016640/
Statement: This article represents the views of the author.