Canadian Prime Minister Mark Carney announced a series of trade measures aimed at protecting the domestic steel industry amid ongoing challenges posed by U.S. tariffs. During a visit to the Walters Group steel manufacturing facility in Hamilton, Ontario, Carney unveiled new quotas on steel imports and a 25% tariff on steel products containing steel melted and poured in China, excluding imports from the United States and other free trade partners under the Canada-United States-Mexico Agreement (CUSMA). These measures are designed to support Canadian steel producers affected by redirected global steel flows following U.S. tariff actions. Carney emphasized that Canada will take the necessary time to negotiate a favorable trade deal with the U.S., but only if it benefits Canadian businesses and workers. Despite expressing disappointment over U.S. tariff measures, Carney reaffirmed Canada's commitment to CUSMA, the world's second-largest free trade agreement by trade volume, and highlighted the government's focus on strengthening domestic growth while continuing trade negotiations.
Carney: Although the Canadian Government Is Disappointed by This Move, We Remain Committed to CUSMA, the World’s Second-Largest Free Trade Agreement by Trade Volume
Canada PM Carney: While the Canadian Government Is Disappointed by This Action, We Remain Committed to CUSMA, the World’s Second-Largest Free Trade Agreement by Trade Volume.
Carney: While We Will Continue Negotiating with the United States on Our Trading Relationship, the Canadian Government Is Focused on What We Can Control: Strengthening Canada.