"We know that this decades-long process of our ever-closer economic relationship between Canada and the United States has ended, and as a consequence of that, many of our strengths have become our vulnerabilities, particularly in those industries that are most tightly integrated with the United States, Carney said to reporters on Ottawa's Parliament Hill on Wednesday. Carney announced that his government would put new restrictions on the amount of steel and lumber imported into Canada, in an effort to help domestic producers."
"Among the new measures is further limiting foreign steel imports from countries without a free trade agreement with Canada from 50 to 20 per cent of 2024 levels a measure largely aimed at reducing Chinese steel imports. The report added: The government will also reduce quotas for countries with which Canada has a free trade agreement excluding the U.S. and Mexico going from 100 per cent to 75 per cent of 2024 levels, and impose a global 25 per cent tariff on targeted imported products made from steel."
Canada imposed new restrictions on steel and lumber imports, including cutting foreign steel import allowances from countries without a free trade agreement from 50% to 20% of 2024 levels. Quotas for FTA countries (excluding the U.S. and Mexico) will fall from 100% to 75% of 2024 levels. A global 25% tariff will apply to targeted imported products made from steel. Freight rates to ship steel and lumber across Canada will be reduced by 50% starting next spring. The Buy Canadian Policy for defense and public construction will continue. The measures respond to U.S. tariffs that ended decades of ever-closer economic integration.
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