"Carney made the announcement in Hamilton on Wednesday morning, eliciting a sigh of relief from an industry that has already seen layoffs and lower production levels in the weeks since the U.S. imposed steep import taxes."
"A 50 per cent tariff will be imposed on any imports beyond those levels, Carney said."
"The federal government said it will introduce a tariff rate quota level at 100 per cent of 2024 volumes and apply the same 50 per cent tariff above those levels."
Prime Minister Mark Carney announced measures to limit cheap foreign steel imports into Canada to support the struggling domestic industry impacted by U.S. tariffs. A new quota system will restrict imports from countries without free trade agreements to half of 2024 volumes, with a 50 percent tariff on excess imports. Carney also highlighted the introduction of additional tariffs of 25 percent on imports from all non-U.S. countries containing steel melting products. These initiatives aim to ensure a larger market share for Canadian steel producers and strengthen supply chains.
Read at www.cbc.ca
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