Carney set to announce new measures to support steel, lumber industries

Prime Minister Mark Carney is set to announce new measures to support Canada’s steel industry, which has been hit hard by U.S. tariffs.

One new measure is about Canada’s plan to prioritize steel made in the country and limit foreign steel imports.

Details on that measure are expected to be released Wednesday afternoon at 3:15 p.m. according to the prime minister’s itinerary.

Reports say that the government plans to cut steel imports from other countries without a free trade agreement with Canada from 50 per cent to 20 per cent of 2024 levels.

That will create an estimated $854 million in domestic demand.

Carney made a similar announcement in July when he lowered the quota for foreign steel without a free trade agreement and then applied a 50 per cent tariff to any levels above and beyond that.

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There are also anticipated cuts to imports from countries with a free trade agreement, but it’s unclear by how much.

The steel and aluminum sector are currently dealing with a 50 per cent U.S. tariff which doubled in June.

When it comes to boosting interprovincial trade, the government is expected to work with CN Rail and cut freight rates by 50 per cent when shipping steel from province to province.

Ottawa is expected to subsidize the difference if CN Rail can’t provide a lower rate.

The prime minister is also expected to announce support for the softwood lumber industry Wednesday.

With files from The Canadian Press.

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