Canada Moves to Protect Steel and Aluminum Firms, Considers Higher Tariffs
Source: msn/Bloomberg
11h
(Bloomberg) -- Canada has opened the door to increasing its tariffs on US steel and aluminum next month if trade talks with the Trump administration stall. The government “will adjust its existing counter-tariffs on steel and aluminum products on July 21, to levels consistent with progress that has been made in the broader trading arrangement with the United States,” according to a statement Thursday.
The US has 50% tariffs on foreign steel and aluminum, and Canada currently has 25% counter-tariffs on US-manufactured steel and aluminum products. But the two countries are currently negotiating on a trade deal, with a provisional deadline for the middle of July.
“We’ll continue these negotiations, of course, in good faith,” Prime Minister Mark Carney said at a news conference. “In parallel, we must reinforce our strength at home and safeguard Canadian workers and businesses from the unjust US tariffs that exist at present.” The Canadian government will also introduce new rules for federal projects, restricting them to using steel and aluminum produced in Canada or by “reliable trading partners” that provide reciprocal access through trade agreements, according to the statement.
The plan “falls short of what our industry needs at this most challenging time,” the Canadian Steel Producers Association and the United Steelworkers Union said in a joint statement. “We will continue to review the details of the measures and work constructively with the federal government to get a plan that works for Canadian steel producers.”
Read more: https://www.msn.com/en-us/money/markets/canada-moves-to-protect-steel-and-aluminum-firms-considers-higher-tariffs/ar-AA1H2XYG