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Canada introduces new steel tariffs to protect domestic steel industry
Canada introduces new steel tariffs to protect domestic steel industry

Yahoo

time5 days ago

  • Business
  • Yahoo

Canada introduces new steel tariffs to protect domestic steel industry

Canada has announced the introduction of a tariff rate quota to shield its domestic steel industry from international pressures. Effective from 1 August 2025, the quota will apply to countries with which Canada has free trade agreements, excluding the US and Mexico. For countries that do not have free trade agreements with Canada, the government has reduced the tariff-free quota to 50% of the 2024 volumes, down from 100%. Imports exceeding this quota will also incur a 50% tariff. In response to the domestic industry's concerns about becoming uncompetitive due to US tariffs, Canada will also implement additional 25% tariffs on steel imports containing materials melted and poured in China before the end of July. These measures are intended to enhance the competitiveness of Canadian steel producers by safeguarding against trade diversion in a rapidly evolving global steel market, strengthening supply chains and attracting new private investment in Canadian production. Furthermore, the Canadian Government is investing C$70m in Labour Market Development Agreements to provide training and income support for up to 10,000 steel workers affected by industry changes. This investment aims to reskill the workforce and ensure it has the necessary support to meet the future demands of the steel industry. Prime Minister Mark Carney said: 'Our steel industry will be central to Canada's competitiveness, our security and our prosperity. 'As Canada moves from reliance to resilience, Canada's new government is taking a series of major measures to support, reinforce and transform the industry to be more resilient in the face of profound shifts in global trade and supply chains.' Canada is also allocating C$1bn to the Strategic Innovation Fund. This funding is intended to help steel companies undertake projects that will boost their competitiveness, encourage the production of new steel products not currently manufactured in Canada and create job opportunities, particularly in the defence sector. To assist small and medium-sized steel enterprises facing liquidity issues, the Business Development Bank of Canada is improving its Pivot to Grow initiative. Additionally, the steel industry is set to receive C$150m as part of the government's Regional Tariff Response Initiative, which will be managed through Regional Development Agencies. The Large Enterprise Tariff Loan programme is also being updated to be more inclusive and offer more affordable financing options to steel companies. Minister of Finance and National Revenue François-Philippe Champagne said: 'Our government continues to defend Canadian workers, businesses and investments as we navigate the new trading environment. 'At the same time, we are actively strengthening our domestic producers through the significant additional supports announced today, enabling them to build essential infrastructure and ensure the prosperity of workers throughout this key Canadian industry.' In March, the Canadian Government announced plans to extend the mineral exploration tax credit for an additional two years to support the country's mining sector."Canada introduces new steel tariffs to protect domestic steel industry" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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

Steelworkers claim key victory as the government responds to union demands
Steelworkers claim key victory as the government responds to union demands

Globe and Mail

time7 days ago

  • Business
  • Globe and Mail

Steelworkers claim key victory as the government responds to union demands

HAMILTON, Ontario, July 16, 2025 (GLOBE NEWSWIRE) -- The United Steelworkers union (USW) says today's announcement from Prime Minister Mark Carney reflects major wins for workers – delivering on demands the union has made not only during the current crisis, but over the past decade. The union welcomes the move to expand and tighten tariff rate quotas (TRQs) on non-FTA countries to 50% of 2024 levels and on FTA at 100% of 2024 volumes, with a 50% tariff on excess imports. The USW also applauds the governments trailblazing measures to address global overcapacity directly as the USW has called for and the government's commitment to require Canadian steel in federally funded infrastructure projects – something the union has demanded for years. The USW is also encouraged by the government's $1billion commitment through the Strategic Innovation Fund to address domestic steel capacity gaps and build domestic supply resiliency. This is an issue the USW has been bringing attention to for years. 'These are significant wins for our members. We've been calling for expanded and tighter import limits since the June announcement and for Buy Canadian rules for years and it's encouraging to see those demands finally reflected in federal policy,' said Marty Warren, USW National Director. 'Mandating Canadian steel in public projects isn't just good for jobs – it's good for the environment and for supply chain resilience.' While today's plan delivers long-term investments and structural changes the union has long demanded, USW stresses the need for continued vigilance. The union expects to be closely consulted on implementation and calls for ongoing monitoring to ensure the new measures are effective in preventing further harm to Canada's steel sector. The USW also recognizes the government's recent expansions to Employment Insurance but continues to call for further improvements with better access and increased income support for affected workers. The USW says it will continue to work with the federal government to monitor and review the effectiveness of the TRQ program and the import situation and on building a long-term industrial strategy, but it still needs to deliver urgent and immediate protections for workers. 'Steelworkers have fought for these changes for years – today's announcement is a direct result of that pressure,' said Warren. About the United Steelworkers union The USW represents 225,000 members in nearly every economic sector across Canada and is the largest private-sector union in North America, with 850,000 members in Canada, the United States and the Caribbean. Each year, thousands of workers choose to join the USW because of the union's strong track record in creating healthier, safer and more respectful workplaces and negotiating better working conditions and fairer compensation – including good wages, benefits and pensions. For more information, please contact:

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