Will place quotas on foreign steel imports and consider new tariffs as the country deals with fallout from U.S. tariffsMark Carney made a campaign stop at Algoma Steel in Sault Ste. Marie, Ont., in the days leading up to the federal election.Article contentPrime Minister Mark Carney on Thursday announced Canada will adopt new tariffs on foreign steel and aluminum, in addition to other measures to protect domestic industries in response to United States tariffs that are disrupting global trade. View more offersArticle contentOne new measure will limit the amount of foreign steel coming into Canada, while another will change federal government procurement policies to favour the use of Canadian steel and aluminum.Article contentArticle contentStory continues belowThis advertisement has not loaded yet, but your article continues below.Article content“We must reinforce our strength at home and safeguard Canadian workers and businesses from the unjust U.S. tariffs that exist at present,” Carney said at a press conference.Article contentTop StoriesGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.We encountered an issue signing you up. Please try againArticle contentThe prime minister just returned from a G7 meeting in Alberta earlier this week, where he said he continued to advance trade talks with the U.S. Carney also said he would review counter tariffs on U.S. steel and aluminum in July based on how much progress is achieved on a new trading framework with the U.S.Article contentOn June 5, U.S. President Donald Trump increased tariffs on all foreign steel to 50 per cent from 25 per cent.Article contentAlthough the U.S. tariffs affected all countries, Carney said one of their consequences is that steel that other countries would have sent into the U.S. may be diverted into Canada.Article contentOne of the new measures he introduced will establish a “tariff rate quota,” which will limit the amount of steel a foreign country can export to Canada based on how much it exported in 2024.Article contentThe Canadian Steel Producers Association, a lobbying group for the country’s largest steel producers, has spent months arguing that U.S. tariffs will flood Canada with other countries’ steel, thereby depressing steel prices here just when they are trying to increase their sales in the domestic market.Article contentStory continues belowThis advertisement has not loaded yet, but your article continues below.Article contentTwo weeks ago, the organization’s board members travelled to Ottawa for a meeting with Carney’s top cabinet ministers and pushed for counter tariffs on U.S. steel, as well as more tariffs on foreign steel coming into Canada.Article contentRead More Trump keeps saying the U.S. doesn’t need Canada’s stuff. We asked experts if he’s right Canadian businesses have to ‘turn inward’ and focus on the homegrown market, says steel CEO Advertise
