The Globe and Mail reports in its Thursday, Nov. 27, edition that the federal government is increasing tariffs on steel imports.
The Globe's Mark Rendell and Brent Jang write that Prime Minister Mark Carney announced new limits on steel imports to support Canadian mills that have lost access to the U.S. export market.
This summer, Ottawa implemented tariff-rate quotas (TRQs) for steel imports, imposing a 50-per-cent tariff on amounts exceeding a set threshold, aiming to limit steel imports without a complete ban.
Starting next month, Canada will tighten these TRQs. For countries that do not have a free-trade agreement with Canada, such as China and Turkey, the quota will be lowered to 20 per cent of 2024 levels. For countries that have a free-trade agreement with Canada, such as South Korea and Vietnam, the quota will be set at 75 per cent of 2024 levels.
These TRQs do not apply to the United States or Mexico, although Canada maintains a separate 25-per-cent tariff on steel imports from the United States.
The Canadian steel industry has been urging for increased protection as exports to the U.S. have plummeted due to 50-per-cent tariffs imposed by President Donald Trump.
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