Canada will 'adjust' counter tariffs on US metals; 30-day deadline set for trade deal; PM Carney says new measures begin this day
Canada will revise its 25% retaliatory tariffs on US steel and aluminum if a new trade agreement is not reached within 30 days, Prime Minister Mark Carney announced on Thursday.
"Canada will adjust its existing counter tariffs on US steel and aluminum products on the 21st of July, at the end of that 30-day period," he said.
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Carney revealed several initiatives to aid Canadian steel and aluminium industries facing 50 percent US tariffs, including new procurement policies favouring local suppliers and measures against dumping.
As the primary foreign supplier of steel and aluminium to the United States, Canada's leader had previously condemned the doubled US tariffs on Canadian metal imports as "unjustified" and "illegal."
Simultaneously, both nations began extensive discussions to restructure their trade relationship.
During the Group of Seven summit in Canada on Monday, G7 leaders urged US President Donald Trump to step back from his aggressive trade policies.
Following discussions between Carney and Trump at the summit, Canadian officials suggested a trade agreement could be reached within 30 days.
Negotiations continue between both parties.
Speaking on Thursday, Carney stated that a successful outcome would involve stabilising US-Canada trade relations and ensuring Canadian businesses maintain market access whilst preserving autonomy in global trade dealings.
According to US government statistics, Canada exported 5.95 million tonnes of steel and 3.15 million tonnes of aluminium to the United States in the previous year.
(With input from agencies)
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