Canada imposes retaliatory tariffs

Canada has retaliated against some U.S. trade policies and that could impact the steel industry.

On Saturday, Canada is set to impose new tariff rate quotas on steel. They’re for countries that do not have free-trade agreements with Canada, and that could make American-made steel less appealing to Canadian buyers.

U.S. duties on Canadian steel and aluminum are 50% right now. Two officials say Canada has proposed swapping defense spending for relief from those measures, to no avail. 

“We’re going to adjust them to levels consistent with the progress that’s made at that point on the broader trade arrangements with the United States,” Canadian Prime Minister Mark Carney said.

The U.S. and Canada are committed to reaching some kind of trade agreement in the next 30 days after talks during this week’s G7 summit.