Ottawa helps the steel sector, heavily assigned by prices of 50%

Canada will restrict steel imports from abroad, including China, to help Canadian businesses go through the crisis created by 50% prices imposed by the United States of Donald Trump.

Mark Carney made the announcement on Wednesday morning in Hamilton, southern Ontario, where steel factories represent an economic engine.

“Steel is at the very foundation of Canada. In addition, and we will need much more to launch projects of national interest which will spread over the decades to come,” said the Prime Minister while he was in a factory of the steel producer Walters Group.

“Steel will also be essential to our energy infrastructure projects. Meanwhile, our ports, our new rail and commercial corridors, the defense and our data centers on artificial intelligence.”

China in the viewfinder

Ottawa will halve the volume of steel that can be imported without customs duties. Beyond this limit, steel products will be taxed by customs duties of 50%.

China is particularly targeted. with additional customs duties of 25% on products containing melted steel and sunk in China, regardless of the country of origin.

The aim of these measures is to promote Canadian steel supply by local manufacturers.

“We will be our best customer ourselves,” said the Prime Minister at his press conference.

With this in mind, the federalum is also preparing to change the rules to stock up with Canadian steel.

Requalify workers

Carney also unveiled measures in support of workers who have augurement for the future of this sector.

Indeed. the government will allocate $ 70 million to ottawa helps steel sector, heavily “requalification” training for steel workers affected by American prices in order to help them change the field.

A billion dollars will be invested in innovation to help the steel sector adapt its factories for Canadian market projects. whether for defense, energy or even housing projects.

The prices, there to stay?

At the beginning of June. Donald Trump signed a decree to double his customs duties on steel and aluminum from around the world, bringing them from 25% to 50%.

A journalist asked Mark Carney who was the minimum acceptable threshold for prices after signing the commercial agreement with. Donald Trump.

Without biting the hook. he confirmed that we should forget the scenario of a return to normal, even after the signing of a new agreement.

“This is a good question, but if I answered, it would be a bad answer,” he said, “smile. I observe that all agreements, all discussions, ottawa helps steel sector, heavily all expectations, all rumors with any country include prices. ”