The Canadian government will soon announce measures to combat steel dumping from abroad and help local steelmakers affected by US tariffs. This was stated by Industry Minister Melanie Joly, Bloomberg reports.

“We cannot tolerate any form of unfair practices by different countries when it comes to our Canadian market,” she said.

Last year, Canada already imposed 25% duties on Chinese steel and aluminum products in an effort to align its trade policy with the US and protect its producers.

Joly did not give a direct answer whether the new measures will be directed specifically against China or whether Canada is considering raising tariffs on Chinese steel and aluminum to 50% to match Trump’s duties.

According to her, negotiations are underway with steel company executives and labor unions. The minister added that the Carney government is looking for the most effective measures, while avoiding the start of another trade war.

Mélanie Joly also said that the government is exploring ways to help producers affected by the US tariffs on steel and aluminum.

“We will make sure that Canadian steel and aluminum are purchased as part of our major infrastructure projects,” the minister said.

Canadian Prime Minister Mark Carney has so far refrained from further retaliatory measures after Trump raised tariffs on metal imports from 25% to 50%. He stated that officials are in intensive talks with the US on trade relations.

According to the American Iron and Steel Institute, last year imports accounted for 23% of rolled steel consumption in the US, while the share of Canadian imports was 6.3%.

At the end of May, the Canadian Steel Producers Association (CSPA) issued a strong statement in response to the Trump administration’s decision to increase the duty on steel imports to the US to 50%. They emphasized that such actions could lead to serious disruptions in the closely integrated steel supply chains between the countries. This would have negative consequences for both Canadian and American companies.

The CSPA demanded an immediate response from the Canadian government: full restoration of mirror duties on American steel, as well as the introduction of new restrictions on imports of cheap and unfairly traded steel products from other countries.

Courtesy : https://gmk.center/