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(Bloomberg) — Canada has opened the door to increasing its tariffs on US steel and aluminum by July 21 if trade talks with the Trump administration stall.
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The government “will adjust its existing counter-tariffs on steel and aluminium products on July 21, to levels consistent with progress that has been made in the broader trading arrangement with the United States,” according to a statement Thursday.
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The US has 50% tariffs on foreign steel and aluminum, and Canada currently has 25% counter-tariffs on US-manufactured steel and aluminum products. But the two countries are currently negotiating on a trade agreement, with a provisional deadline for the middle of July.
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The Canadian government will also introduce new rules for federal projects, restricting them to using steel and aluminum produced in Canada or in countries that are “reliable trading partners,” according to the statement.
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Shares of Algoma Steel Group Inc. rose 4% in Toronto.
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Canada is establishing new tariff-rate quotas to limit imports of steel from countries with which it doesn’t have a trade agreement — and it plans new tariff measures within weeks to address the risk of steel dumping. Prime Minister Mark Carney and his officials are worried that the Trump administration’s 50% tariffs on steel imports will cause global steelmakers to divert shipments to Canada.
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The prime minister made the announcement in Ottawa on Thursday alongside cabinet ministers Dominic LeBlanc and Melanie Joly.
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Steel-producer and worker groups will hold a news conference to react to the measures.
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—With assistance from Melissa Shin.
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(Updates with new information from the first paragraph.)
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English (US)