Canada announces new tariff measures on imported steel to protect domestic industry
TORONTO (Reuters) -Prime Minister Mark Carney on Wednesday said Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry.
Canada will also implement additional tariffs of 25% on steel imports from all non-U.S. countries containing steel melted and poured in China before the end of July.
Carney is responding to complaints from the domestic industry, which had said other countries are diverting steel to Canada and making the domestic industry uncompetitive due to U.S. tariffs.
The Canadian steel industry had asked the government to introduce tougher anti-dumping measures to protect the domestic industry. U.S. President Donald Trump increased import duties on steel and aluminum to 50% from 25% earlier this month. Canada is the top seller of steel to the United States.
Carney also said domestic steel companies would be prioritized in government procurement and introduced a C$1 billion fund to help steel companies advance projects in industries such as defence.
"These measures will ensure Canadian steel producers are more competitive by protecting them against trade diversion resulting from a fast-changing global environment for steel," Carney said on Wednesday.
(Divya Rajagopal and Ryan Patrick Jones in Toronto; Editing by Caroline Stauffer)
Solve the daily Crossword
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a few seconds ago
- Yahoo
Chinese exports of two critical minerals plunge even as rare earths rebound
By Lewis Jackson BEIJING (Reuters) -China's exports of two critical minerals used in weapons, telecommunications and solar cells have plunged over the past three months amid a crackdown on smuggling and transshipment that has involved China's top spy agency. Exports of antimony and germanium in June were down 88% and 95%, respectively, versus January, according to customs data published on Sunday. Much as with rare earths, China is by far the largest miner and or refiner for both elements. Both were added to an export control list in 2023 and 2024, respectively. Exports to the U.S. were then banned in December as part of retaliation for chip restrictions. Rare earths were added to the same control list in April, precipitating a sharp collapse in export volumes that forced some carmakers in Europe and the U.S. to pause some production lines. But where rare earth export volumes rebounded sharply last month thanks to a deal struck between Washington and Beijing, exports of germanium and antimony fell to some of the lowest levels on record. The collapse in export volumes coincides with well-publicised crackdown on critical mineral export control evasion. China's spy agency said last week it had detected attempts to bypass controls via transshipment, where cargoes move through a third country before going on to their final destination. The week before Reuters reported that unusually large quantities of antimony were being exported to the United States from Thailand and Mexico in what appeared to be transshipment conducted by at least one Chinese company. China's exports of antimony to Thailand have collapsed by 90% after hitting a record in April. There have been no exports to Mexico since April. Spot market prices for high-purity germanium have more than doubled since China imposed export restrictions in July 2023. Antimony prices have nearly quadrupled from May last year.
Yahoo
20 minutes ago
- Yahoo
Factbox-Closures, disposals reshaping the global petrochemical sector
MILAN/HOUSTON/NEW DELHI (Reuters) -A wave of closures and disposals is reshaping the global petrochemical sector as companies around the world rethink their exposure to markets as they adjust to capacity build-up in China and higher costs in Europe. The European Union is being hit the hardest by the rationalisation, while the United States and the Middle East are considered relatively immune. Petrochemical makers in Asia are also reducing capacity but at a slower pace compared with the EU. Here is a list of some of the major closures, divestment and portfolio reviews: ** U.S.-based LyondellBasell in June said it had started exclusive talks to sell four olefin and polyolefin plants in Europe to Munich-based investment firm AEQUITA. The sites to be sold are in France, Germany, Britain and Spain. The company has also said it is evaluating options for its factories in the Netherlands and Italy. ** U.S. chemical giant Dow Inc said at the beginning of July it would shut down three upstream sites in Europe: an ethylene cracker in Böhlen, Germany and chlor-alkali & vinyl assets in Schkopau, Germany, and its siloxanes plant in Barry, Britain. The company also announced in January that it would idle a cracker in the Netherlands. ** U.S. oil major ExxonMobil said last year it would shut down the steam cracker and close chemical production at Gravenchon in France, adding that the site had lost more than 500 million euros ($582.75 million) since 2018 and remains uncompetitive. ** British oil company Shell in April completed the sale of its energy and chemicals park in Singapore, which includes a refinery, an ethylene cracker and other petrochemical assets. The group's top executives told a post-results conference call in May that the group was undertaking a review of its chemical business, including in Europe. Shell hired Morgan Stanley to conduct the strategic review of its chemicals operations in Europe and the United States, the Wall Street Journal reported in March, citing sources. ** BP said in February it was looking for potential buyers for its Ruhr Oel refinery, cracker and downstream assets at Gelsenkirchen in Germany. ** French oil major TotalEnergies said in April it would shut its oldest steam cracker in Antwerp, Belgium, by end-2027, citing a "significant surplus of ethylene expected in Europe". ** Eni will complete the closure of Italy's two last steam crackers by the end of this year. One is in Brindisi, Apulia, and the second in Priolo, Sicily. It also closed a polyethylene plant in Ragusa, Sicily. ** Poland's Orlen said at the end of 2024 it would scale back plans for its olefins petrochemical project, pushing back output until at least 2030 and aiming to cut its estimated cost by as much as a third. ** U.S. chemical group Huntsman Corp announced the closure of its polyurethanes facility in Deggendorf, Germany, and the reduction of some of its other sites and facilities around Europe. The company will close a facility located in Moers, Germany. The closure is expected to be complete by the end of the current quarter. ** Japan's largest oil refiner, Eneos, said in February that it would consider partially halting an ethylene production facility at its Kawasaki refinery at the end of 2027 due to falling demand. It said in March that it would gradually halt production of lubricants and some petroleum products at its Yokohama plant near Tokyo by March 2028, but will consider relocating lubricants' output to other facilities. ** Saudi Petrochemical Group SABIC said last year it planned to permanently shut one of its two naphtha-fed crackers at its plant in Geleen, the Netherlands. ($1 = 0.8580 euros) Sign in to access your portfolio
Yahoo
2 hours ago
- Yahoo
Rupee likely to remain on backfoot as Asia FX dip, inflows dwindle
By Nimesh Vora MUMBAI (Reuters) -The Indian rupee is poised to retain its weakening bias on Monday, pressured by broad losses in regional peers, lacklustre foreign equity inflows and persistent dollar demand from local corporates. The 1-month non-deliverable forward indicated a flat-to-slightly-weaker open on Monday from 86.1475 in the previous session. The rupee has slipped near to 1% in the last two weeks and now hovers near its lowest level in almost a month. With the dollar/rupee pair "having clipped past 86, it looks like we're in a slow push higher," said a currency trader at a Mumbai-based bank. "Right now, I don't see anything that could meaningfully turn the rupee around. The U.S.-India trade deal is one factor, though expectations of India making a relatively favourable one are fading.' Bankers said importers have been actively buying dollars for payments and short-term hedging, while foreign portfolio investor flows have remained muted. Offshore investors have pulled out more than $600 million from Indian equities so far this month, after pumping in nearly $4 billion during May and June. Market participants are keeping an eye on headlines around the U.S.-India trade deal, though most reckon it's unlikely to offer much support to the rupee. The pause in the dollar's downtrend is adding to the pressure on the rupee. The dollar index climbed 0.6% last week, extending its nearly 1% rally from the previous week. The dollar index was hovering near 98.50 on Monday, while Asian currencies were mostly weaker. Market focus remains on U.S. President Donald Trump's tariff announcements ahead of the August 1 deadline. Other key events this week include the European Central Bank's rate decision and China–European Union summit. "A wait-and-see approach remains the most probable course of action for the ECB next week. With the next potential tariff escalation not expected until August 1, there's little reason for a pre-emptive rate cut now," ING Bank said in a note. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.28; onshore one-month forward premium at 10.25 paisa ** Dollar index at 98.48 ** Brent crude futures at $69.3 per barrel ** Ten-year U.S. note yield at 4.42%** As per NSDL data, foreign investors sold a net $333.4 million worth of Indian shares on July 17 ** NSDL data shows foreign investors bought a net $38.7 million worth of Indian bonds on July 17 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
