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National Post
16-07-2025
- Business
- National Post
Canada to target steel originating from China with new tariffs
OTTAWA — Steel originating in China will be subjected to higher tariffs to try and prevent steel dumping amid U.S. President Donald Trump's ongoing global trade war, Prime Minister Mark Carney said Wednesday. Article content The prime minister toured a steel manufacturing company in Hamilton before announcing a suite of measures to protect the Canadian steel industry. Article content Those include a new 25 per cent tariff on all steel products that contain metal melted and poured in China by the end of the month. Article content Article content Canada will also impose import quotas based on how much steel was imported from each country in 2024, with countries that don't have a free-trade agreement with Canada already in place impacted more than those that do. Article content Article content Carney said Canada's steel industry will be among the most impacted by the ongoing global rearrangement of markets because it is one of the most open in the world for steel and the industry must be protected. Article content 'Imports supply almost two-thirds of current Canadian consumption of steel, compared to less than one-third for the United States and less than one-sixth for the European Union,' Carney said. Article content 'Over time, we've become too dependent on the United States as our biggest customer with more than 90 per cent of our steel exports going south of the border,' he added. Article content The prime minister said Canada must rely more on 'Canadian steel, for Canadian projects.' Article content Carney says there are no immediate changes to U.S. counter tariffs as Canada continues to seek a new economic deal with Trump by Aug. 1. Article content Article content Other supports for the steel sector include $70 million to provide employment insurance and retraining for up to 10,000 steelworkers, prioritizing Canadian steel in public projects and making it easier for steel companies to get low interest financing through the Large Enterprise Tariff Loan program. Article content
Bloomberg
06-06-2025
- Business
- Bloomberg
Germany's Industrial Production and Exports Declined in April
German industrial production and exports sank in April, dashing hopes of a cyclical recovery of the country's critical sector amid looming US trade tariff threats. Output fell 1.4% from the previous month and shipments of goods abroad declined 1.7%, the statistics office said on Friday. Both downturns were more severe than predicted by economists in Bloomberg surveys.
