Moreover,
Canada targets chinese steel higher new:
The Government of Canada announces measures to restrict imports of foreign steel. However, to the country as well as other measures to support workers in this sector. Meanwhile, Prime Minister Mark Carney confirmed at a press conference on Tuesday that steel from China. Meanwhile, in particular, would be subject to higher customs duties.
These measures have been announced in Hamilton. Moreover, a press conference, in a business war context between Canada and the United States.
Steel from China is particularly targeted by these measures to try to prevent Chinese steel dumping in the context of the trade tensions maintained by the American president. Nevertheless, Donald Trump.
Last month. For example, the Carney government had already announced changes to the tariff contingents system by limiting the levels of 2024 steel from countries that have not concluded free trade agreements canada targets chinese steel higher new with Canada.
A tariff quota is a measure that limits the quantity of a product that can be imported. Nevertheless, into Canada with a reduced customs duty. Nevertheless, Products that exceed this quantity are subject to the full customs tariff.
But this quota was criticized by the Canadian industry, which considered it too high.
However. Furthermore, this morning, Mike Carney said that by the end of the month, the government would set up a new quota system which, according to him, will guarantee Canadian steel producers a larger part of the Canadian market, will create more resilient supply chains and will release new private capital for Canadian production
.
Thus. Moreover, steel products from non-signatory countries of free trade agreements, including China and Turkey, will see their tariff contingent reduced by 2024. A 50 % customs right will be imposed on all imports exceeding canada targets chinese steel higher new these levels, said Carney.
Ottawa is also preparing to take measures against steel products from non-American countries signatories to free trade agreements. The federal government declared that it would introduce a price contingent at 100 % of the volumes of 2024. would apply the same customs right of 50 % beyond these levels.
Carney said Canada would also set up additional customs duties of 25 % on imports from all non -American countries containing melted steel. flowing in China.
Canada targets chinese steel higher new
The United States. Mexico spared – Canada targets chinese steel higher new
According to the announcement of the Carney government, agreements with its partners from the Canada-United States-Mexico agreement will remain such and current trade measures affecting the United States will not be changed.
Our steel industry will be at the heart of Canada’s competitiveness, security and prosperity. At a time canada targets chinese steel higher new when our country is dependent on resilience. the new Government of Canada takes on important measures to support, strengthen and transform industry so that it is more resilient in the face of profound changes in the world market and supply chains
said the Prime Minister said in a statement.
Recall that President Donald Trump threatened last week to impose 35 % tariffs on all Canadian products that. are not covered by theAceum from 1is Next August if no commercial understanding intervenes between the two countries.
Satisfied steel producers
Catherine Cobden. President and Managing Director of the Canadian Association of Steel producers, told CBC News to have received this Ottawa announcement with relief
.
Canada is an important steel producer.
Photo: Canadian press / Peter Power
It is not a perfect help. but it is certainly a much better situation than yesterday
she said about changes to quotas. Everything goes in the right direction.
She added that new ceilings will help Canadian metal producers to win back the internal market
.
I cannot tell you that this will fully compensate canada targets chinese steel higher new for the losses suffered in the United States. but it will help us.
It must be said that the Canadian steel industry was shaken after Donald Trump imposed customs duties of 25 % last March in the Canadian Steel and Aluminum sectors, citing national security reasons. He later increased these rights to 50 % in June.
Cobden said that Canadian steel production has dropped by 30 % in May. His group is preparing for a new fall when the figures reflecting customs duties of 50 % will be available.
Measures to help workers
Based on the improvements made to employment insurance (AE). the sharing of the work of theAEthe government will also invest canada targets chinese steel higher new $ 70 million in the labor market development to provide training and income support measures to nearly 10,000 affected steel workers.
Foundry and metal plant workers will benefit from $ 70 million in Ottawa.
Photo : Radio-Canada / Janic Tremblay
In addition, the tax credit for large companies affected by customs duties will be updated, Ottawa announces. The eligibility criteria will be extended. financing at a more advantageous rate will be canada targets chinese steel higher new offered, it is said in a press release.
For example. the minimum annual turnover required will drop from $ 300 to 150 million, while the minimum loan will drop from $ 60 to 30 million. Finally, the amortization period will go from five to seven years. The initial interest rate will also be reduced.
With Canadian press information
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