Canada may raise counter-tariffs on US metals as trade talks continue
Canada could increase its counter-tariffs on US-produced steel and aluminium if it does not reach a broader trade agreement with the United States within 30 days, Prime Minister
Mark Carney
said on Thursday.
Earlier this month, US President Donald Trump raised import duties on steel and aluminium from 25 per cent to 50 per cent, leading to calls from the metals industry in Canada for a formal response. Canada is the largest exporter of steel and aluminium to the US.
Carney said he and Trump had agreed to aim for a new economic and security agreement by 21 July, according to Reuters.
'Canada will adjust its existing counter-tariffs on US steel and aluminium products on 21 July to levels consistent with progress made in the broader trading agreement with the United States,' Carney told a press conference.
Procurement rules, market stabilisation measures announced
Rather than immediately matching the US tariff hike, Carney said he would wait to see how the ongoing discussions progressed.
Canada had earlier imposed 25 per cent retaliatory tariffs on steel products worth C$12.6 billion and aluminium products worth C$3 billion on 13 March.
Carney also announced new procurement rules. Under these, Canadian producers and trading partners with reciprocal tariff-free access will be eligible to compete for federal steel and aluminium contracts.
Canada will introduce tariff-rate quotas equivalent to 100 per cent of 2024 import levels on steel products from countries without free trade agreements. Carney said this was to 'stabilise the domestic market and prevent harmful trade diversion.'
According to the Royal Bank of Canada, Canada exports over 90 per cent of its steel and aluminium to the US, while it imports around 20 per cent of US steel exports and 50 per cent of its aluminium exports.
Carney said the federal government would prioritise the use of Canadian steel and aluminium in public projects, including defence, pipelines and housing.
'We are united in working on all forms of support for the industry... that starts with buying Canadian steel and aluminium for federal projects,' Carney said.
The government also plans to support the use of Canadian metals in domestically manufactured products and will establish a task force to monitor developments in the steel and aluminium markets under the current tariff regime.
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