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Canada announces steel tariffs on some trade partners to protect domestic industry

  • Carney introduces new steel tariffs on trade partners to protect the domestic steel industry
  • Canada introduces C$1 billion fund for steel industry projects
  • Domestic steel prioritized in government procurement, Carney says

TORONTO, July 16 (Reuters) – 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.

A 50% tariff will apply to imports from these countries that surpass the 2024 volumes, though Canada will honor existing arrangements with its United States-Mexico-Canada Agreement trade partners, Carney said.

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