The Globe and Mail reports in its Tuesday edition that Canada's steel industry is preparing to cushion the blow from American tariffs that may be imposed this weekend, including potentially moving up shipments to the United States. The Globe's Niall McGee writes that U.S. President Donald Trump said after his inauguration that his threat of blanket 25-per-cent tariffs on Canadian goods could begin on Saturday. Canada's steel industry is no stranger to facing the wrath of Mr. Trump. During his first term, he imposed 25-per-cent tariffs on imports of Canadian steel and kept them in place for nearly a year. The tariffs imposed in May, 2018, took a heavy toll on the domestic steel industry: Exports to the U.S. quickly fell by 38 per cent. A year later, the value of Canadian steel exports had fallen to its lowest level in almost a decade. This time around, steel producers are pro-actively taking measures to minimize the pain. Companies are moving up shipments into the U.S. in an attempt to book as much revenue as possible ahead of the potential tariffs. Companies are also looking at pausing new investment, and taking a look at their product mixes to see if something can be adjusted to minimize the possible financial damage.
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