Carney announces new measures to support steel industry, prevent dumping, amid trade war
Amid an ongoing trade war with the United States, Prime Minister Mark Carney announced Wednesday new measures to bolster Canada's steel industry and prevent steel dumping in the Canadian market.
The Canadian government plans to 'restrict and reduce foreign steel imports,' in part by reevaluating and changing tariff rates, Carney announced in Hamilton, Ont.
Canada is also increasing tariffs on steel imports from non-U.S. countries containing steel melted and poured in China, Carney said.
'We have the potential to become our own best customer for steel, but we will lose that ability if we don't manage the profound transformation now underway in the industry, and to do that, we have to change the way we do things so we can better support our companies and our workers during this time of change,' Carney said.
In February, U.S. President Donald Trump announced a 25 per cent tariff on all steel and aluminum imports, including from Canada. Last month, he increased the rate to 50 per cent.
This is a breaking news story. More to come.
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