Canada to target steel originating in China
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Donald Trump, Tariff
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Prime Minister Mark Carney on Wednesday said Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry.
Trump threatened to escalate tariffs beyond 35% if Canada opts to retaliate with tariffs on U.S. goods. Canadian goods are also subject to sector-specific tariffs, such as 50% levies on steel and aluminum as well as 25% tariffs on non-USMCA compliant autos and auto parts.
The prime minister pledges to diversify its trading partners away from the US and prioritise the use of Canadian steel.
Canadian Prime Minister Mark Carney on Wednesday said that Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry.
19hon MSN
Tariffs—taxes placed on imported goods—are one of the oldest tools in the United States' economic policy arsenal, dating back to the 18th century. Recently they've returned to the spotlight in a big way.
Prime Minister Mark Carney is expected to announce support for the Canadian steel industry, which has been clobbered by U.S. President Donald Trump's tariffs, at an event in Hamilton, Ont., later this morning.