22:51:06 EDT Mon 30 Jun 2025
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Globe says Stelco, rivals hear Trump brings uncertainty

2024-11-07 07:36 ET - In the News

Also In the News (C-ASTL) Algoma Steel Group Inc
Also In the News (C-LIF) Labrador Iron Ore Royalty Corp
Also In the News (C-RUS) Russel Metals Inc

The Globe and Mail reports in its Thursday, Nov. 7, edition that Canada's steel and aluminum industries are caught between cautious optimism and uncertainty with Donald Trump's return to the White House. The Globe's Niall McGee writes that Mr. Trump's promise to impose a minimum 10-per-cent global tariff raises the threat of a new trade war. While many economists warn that tariffs fuel inflation, President Trump views them as beneficial for U.S. manufacturing and economic security. Catherine Cobden, chief executive officer of the Canadian Steel Producers Association, said that, while the election of Mr. Trump introduces uncertainty, the domestic steel industry is in a much better position now than during his first term. Trade policies are more integrated stemming from the 2020 United States-Mexico-Canada Agreement, with both countries working to crack down on unfair trade practices out of countries such as China. She cited the Canadian tariffs that were imposed this summer on steel products from China that closely mimic what the U.S. already had in place as well as Canada introducing a "country of melt and pour" stipulation on imports that identifies where steel coming into the country originates from.

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