A public consultation has been launched on potential trade measures to shield against the possible uptick in steel imports into Canada as a result of the 25 percent tariffs imposed by the US on steel products.
Finance Minister François-Philippe Champagne and Minister of Innovation, Science and Industry Anita Anand said the consultation would be open for 30 days. Feedback can be sent to the Department of Finance Canada via [email protected] until April 21.
The government noted that the global steel market was suffering an oversupply problem, resulting in the sale of foreign steel at “artificially low” prices internationally and in Canada.
“Supporting Canadian businesses, workers and families is our top priority as we address this unjustified and unreasonable trade dispute with the United States. With this consultation, our government is evaluating what trade measures could be taken to better defend Canada’s steel industry against the threat of diversion of steel products to the Canadian market,” Champagne said in a statement.
The federal government initially responded to the US tariffs with a 25 percent tariff, levied on US steel and aluminum products worth $12.6 billion and $3 billion, respectively. The Canadian government also slapped tariffs on imported US goods worth $14.2 billion.
“We will not stand by as the United States imposes unjustified and unreasonable tariffs on Canadian steel and aluminum. Our steel industry is strong – and there is no question that we will stand up for Canadian workers. We will continue to invest in made-in-Canada products and support our world-class industry,” Anand said in a statement.
On October 22, 2024, the government imposed a 25 percent surtax on steel and aluminum products imported from China in response to China’s non-market policies and practices. The government confirmed that it would continue to monitor the current trade situation.
On March 7, the federal government also launched measures to support Canadian exporters (the Trade Impact Program), businesses in tariff-impacted sectors (via the Business Development Bank of Canada), and the Canadian agriculture and food industry (through Farm Credit Canada). It also permitted temporary flexibilities to the EI Work-Sharing Program.