Latest news with #CanadianSteelProducersAssociation
Yahoo
a day ago
- Business
- Yahoo
When can Canadians expect interest rate relief? FP video
This week FP video takes a close look at when the Bank of Canada will cut interest rates and how Canada's steel import curbs will benefit its domestic industry. Plus, what's driving the stock market and a look back at three forgotten Canadian banks. Stock market is running on fumes: David Rosenberg David Rosenberg, founder of Rosenberg Research, talks with Financial Post's Larysa Harapyn about how the stock market is back to being driven by animal spirits and he's cut his exposure. Three big Canadian banks you may have forgotten A look back at three forgotten institutions that once challenged Canada's banking industry leaders. Carney import curbs put Canada steel first Catherine Cobden, chief executive of Canadian Steel Producers Association, talks about how Prime Minister Mark Carney's limits on steel imports will help the industry threatened by President Donald Trump's tariffs. Don't expect rate cuts before September: Desjardins Jimmy Jean, Desjardins Group chief economist, talks about what the latest inflation numbers and the state of the economy mean to Canadians hoping for interest rate relief. Why Trump's new tariffs will hurt the U.S. more than anybody else: FP Video Canada seen in 'pretty good position' for win-win deal with U.S. Sign in to access your portfolio
Winnipeg Free Press
2 days ago
- Business
- Winnipeg Free Press
Understanding Canada's moves to block cheap steel imports
Prime Minister Mark Carney announced Wednesday that the government was tightening rules around steel imports. The move is an effort to protect Canada's domestic industry from dumping as the global trade of the metal undergoes major shifts because of government actions out of the United States and China. Here's a look at some of the key questions. What is dumping? Dumping refers to foreign firms selling goods at artificially low prices, or prices that don't accurately reflect their cost of production. It can also mean a company selling goods for less in foreign markets than comparable goods are selling for in their home market. Companies tend to dump goods either by selling below cost to gain market share, or because an excess of production in their home countries has them looking for markets to offload the goods and recover some costs. Government subsidies can be a significant contributor to firms selling at artificial prices because they distort price structures. Subsidies can include simply giving money to companies to help them grow, more indirect aids like preferential access to land, as well as government loans and loan guarantees and tax breaks. The Canadian government uses all of these levers to help grow domestic industries, but governments can only go so far within international trade rules. Subsidies that artificially reduce costs so manufacturers can flood foreign markets at unfairly low prices crosses that line. How big of a problem is steel dumping for Canada? While dumping cases are determined on specific products, the overall scale of steel imports has swelled over the past decade. Offshore imports have climbed from 19 per cent of the Canadian market in 2014 to 39 per cent in 2022, according to the Canadian Steel Producers Association. The steel industry also dominates anti-dumping inquiries at the Canadian International Trade Tribunal, the body tasked with determining whether imported goods are being sold at artificially low prices. The Canadian steel industry has challenged dozens of product categories from cold- to hot-rolled steel, various wires, piping and rods, even including stainless steel sinks. The tribunal has largely ruled in favour of applications that dumping has occurred and is harming Canadian industry. And while there are problems now, the bigger concern is how much more product, especially from China, might get diverted to the Canadian market as the U.S. moves to close off imports. It's also expected to be a growing problem in the future as China's domestic demand slows. China already has 50 million tonnes of overcapacity in steel production across its 360 mills, according to Wood Mackenzie, but it said that overcapacity could swell to 250 million tonnes over the next decade. Canada's total production, meanwhile, was 12.1 million tonnes in 2023. How long has it been a problem? A long time. Canada introduced the first anti-dumping provisions in the world in 1904, which singled out a 'special duty on under-valued goods,' according to international trade expert Dan Ciuriak in a report. What was unique about the measure was that it was a flexible tariff, meant to make up the difference between the selling price and the fair market value. The problem has continued and grown as global trade has increased, leading to growing calls to do more about it. For steel, concerns grew as China's exports surged to 110 million tonnes in 2015 before starting to retreat, only for it to surpass that total in 2024 with 115 million tonnes in exports, according to the International Trade Administration. Back in 2020, United Steelworkers union national director for Canada Ken Neumann said the problem of illegal steel dumping needs to stop. 'Our union will continue to aggressively defend the jobs of steelworkers across Canada who for too long have been harmed by steel imports dumped into our country and sold at unprofitable, below-market prices.' What do the latest tariffs aim to achieve? Canada already imposed 25 per cent tariffs on imports of steel and aluminum from China last year, with the move coming into place in October. But the steel industry and others have maintained that other countries are taking steel produced in China, processing it further and then trying to export it as originating from the there. Monday Mornings The latest local business news and a lookahead to the coming week. The latest measures are meant to help protect against that work-around. That's why the government imposed the 25 per cent tariff on steel products that were 'melted and poured' in China. The move is the culmination of years of efforts to increase transparency in steel imports, including a requirement that went into effect only last November for importers to declare the country the metal is melted and poured. Catherine Cobden, CEO of the Canadian Steel Producers Association, said the measures will go some ways to tackle China's actions as an 'egregious' overcapacity practitioner. 'Canada is taking direct aim at global steel overcapacities, and frankly, it's a strong position, and I think will be applauded around the world. This is something that even the United States hasn't yet done.' This report by The Canadian Press was first published July 18, 2025.
Hamilton Spectator
2 days ago
- Business
- Hamilton Spectator
Understanding Canada's moves to block cheap steel imports
Prime Minister Mark Carney announced Wednesday that the government was tightening rules around steel imports. The move is an effort to protect Canada's domestic industry from dumping as the global trade of the metal undergoes major shifts because of government actions out of the United States and China. Here's a look at some of the key questions. What is dumping? Dumping refers to foreign firms selling goods at artificially low prices, or prices that don't accurately reflect their cost of production. It can also mean a company selling goods for less in foreign markets than comparable goods are selling for in their home market. Companies tend to dump goods either by selling below cost to gain market share, or because an excess of production in their home countries has them looking for markets to offload the goods and recover some costs. Government subsidies can be a significant contributor to firms selling at artificial prices because they distort price structures. Subsidies can include simply giving money to companies to help them grow, more indirect aids like preferential access to land, as well as government loans and loan guarantees and tax breaks. The Canadian government uses all of these levers to help grow domestic industries, but governments can only go so far within international trade rules. Subsidies that artificially reduce costs so manufacturers can flood foreign markets at unfairly low prices crosses that line. How big of a problem is steel dumping for Canada? While dumping cases are determined on specific products, the overall scale of steel imports has swelled over the past decade. Offshore imports have climbed from 19 per cent of the Canadian market in 2014 to 39 per cent in 2022, according to the Canadian Steel Producers Association. The steel industry also dominates anti-dumping inquiries at the Canadian International Trade Tribunal, the body tasked with determining whether imported goods are being sold at artificially low prices. The Canadian steel industry has challenged dozens of product categories from cold- to hot-rolled steel, various wires, piping and rods, even including stainless steel sinks. The tribunal has largely ruled in favour of applications that dumping has occurred and is harming Canadian industry. And while there are problems now, the bigger concern is how much more product, especially from China, might get diverted to the Canadian market as the U.S. moves to close off imports. It's also expected to be a growing problem in the future as China's domestic demand slows. China already has 50 million tonnes of overcapacity in steel production across its 360 mills, according to Wood Mackenzie, but it said that overcapacity could swell to 250 million tonnes over the next decade. Canada's total production, meanwhile, was 12.1 million tonnes in 2023. How long has it been a problem? A long time. Canada introduced the first anti-dumping provisions in the world in 1904, which singled out a 'special duty on under-valued goods,' according to international trade expert Dan Ciuriak in a report. What was unique about the measure was that it was a flexible tariff, meant to make up the difference between the selling price and the fair market value. The problem has continued and grown as global trade has increased, leading to growing calls to do more about it. For steel, concerns grew as China's exports surged to 110 million tonnes in 2015 before starting to retreat, only for it to surpass that total in 2024 with 115 million tonnes in exports, according to the International Trade Administration. Back in 2020, United Steelworkers union national director for Canada Ken Neumann said the problem of illegal steel dumping needs to stop. 'Our union will continue to aggressively defend the jobs of steelworkers across Canada who for too long have been harmed by steel imports dumped into our country and sold at unprofitable, below-market prices.' What do the latest tariffs aim to achieve? Canada already imposed 25 per cent tariffs on imports of steel and aluminum from China last year, with the move coming into place in October. But the steel industry and others have maintained that other countries are taking steel produced in China, processing it further and then trying to export it as originating from the there. The latest measures are meant to help protect against that work-around. That's why the government imposed the 25 per cent tariff on steel products that were 'melted and poured' in China. The move is the culmination of years of efforts to increase transparency in steel imports, including a requirement that went into effect only last November for importers to declare the country the metal is melted and poured. Catherine Cobden, CEO of the Canadian Steel Producers Association, said the measures will go some ways to tackle China's actions as an 'egregious' overcapacity practitioner. 'Canada is taking direct aim at global steel overcapacities, and frankly, it's a strong position, and I think will be applauded around the world. This is something that even the United States hasn't yet done.' This report by The Canadian Press was first published July 18, 2025.
Time of India
2 days ago
- Business
- Time of India
‘All our exports have stopped': Canadian steel industry amid US tariffs
Canada is working to protect its steel industry. New US tariffs have hurt exports and caused economic problems. Industry Minister Melanie Joly says government support is needed. The government is considering using Canadian steel in various projects. Tariffs on steel from China are also announced. Trade talks with the US remain difficult. Ottawa aims to defend Canada's interests. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The fallout has been swift Canada announces new measures Canada's federal government is stepping up efforts to shield its embattled steel sector as new US tariffs throttle exports and stoke economic Minister Mélanie Joly warned this week that without direct government support, the Canadian steel industry may not be able to survive.'Survival, and I think eventually, much more than that, the fact that they can thrive,' Joly said Thursday(July 17) on The Vassy Kapelos Show, as she outlined the urgent need for also says the government is considering broader steps, including the use of Canadian steel in shipbuilding, defence procurement, and major infrastructure projects. 'We need to support them as we're creating a much more domestic market for them,' she said. Beyond economics, Joly framed steel as a national security issue, noting Canada's commitment to meeting NATO defence spending March, the United States has imposed steep duties on Canadian steel and aluminum, starting with a 25 percent tariff that doubled to 50 percent in June under an executive order from President Donald Trump According to François Desmarais of the Canadian Steel Producers Association, steel shipments to the US have plummeted by 25 percent, with nearly 1,000 Canadian jobs lost in March alone.'Basically, all our exports to the US have stopped,' Desmarais said in a separate interview on workers like Mike Tremblay, who has spent 22 years at a Hamilton steel plant, the anxiety is growing. 'People are scared. I've got two kids in university and a mortgage. If this keeps going, I don't know what happens next,' he told CBC a bid to stabilize the sector, Prime Minister Mark Carney announced new measures Wednesday, including fresh tariffs on steel originating in China and adjusted import quotas. The move, aimed at countering foreign dumping and strengthening domestic production, was welcomed by labor United Steelworkers union called it a 'major win for workers,' citing the changes to tariff-rate quotas as key to preventing job concerns remain. 'Diversifying the domestic market is important, but it won't replace US demand,' said Desmarais, warning that global overcapacity still poses a trade talks with Washington remain tense. While Prime Minister Carney and President Trump had initially aimed to reach a new Canada-US economic agreement by July 21, that deadline has now been pushed to August 1. Trump is threatening additional tariffs of 35 percent on Canadian imports, though a White House official told CTV News these would not apply to goods compliant with the Canada-US-Mexico Agreement (CUSMA).Pressed on whether the federal government will compromise to avoid further economic harm, Joly said Ottawa won't bargain in public. 'We will make sure that we don't negotiate in public,' she said. 'It is important that we stand strong. It is important that we defend Canada and Canadians' interests.'
Economic Times
2 days ago
- Business
- Economic Times
‘All our exports have stopped': Canadian steel industry amid US tariffs
Canada warns steel sector needs urgent support to survive as U.S. tariffs choke exports; 'Basically all our exports have stopped,' says industry official Canada's federal government is stepping up efforts to shield its embattled steel sector as new US tariffs throttle exports and stoke economic uncertainty. Industry Minister Mélanie Joly warned this week that without direct government support, the Canadian steel industry may not be able to survive. 'Survival, and I think eventually, much more than that, the fact that they can thrive,' Joly said Thursday(July 17) on The Vassy Kapelos Show, as she outlined the urgent need for intervention. Joly also says the government is considering broader steps, including the use of Canadian steel in shipbuilding, defence procurement, and major infrastructure projects. 'We need to support them as we're creating a much more domestic market for them,' she said. Beyond economics, Joly framed steel as a national security issue, noting Canada's commitment to meeting NATO defence spending targets. Since March, the United States has imposed steep duties on Canadian steel and aluminum, starting with a 25 percent tariff that doubled to 50 percent in June under an executive order from President Donald Trump. According to François Desmarais of the Canadian Steel Producers Association, steel shipments to the US have plummeted by 25 percent, with nearly 1,000 Canadian jobs lost in March alone.'Basically, all our exports to the US have stopped,' Desmarais said in a separate interview on workers like Mike Tremblay, who has spent 22 years at a Hamilton steel plant, the anxiety is growing. 'People are scared. I've got two kids in university and a mortgage. If this keeps going, I don't know what happens next,' he told CBC News. In a bid to stabilize the sector, Prime Minister Mark Carney announced new measures Wednesday, including fresh tariffs on steel originating in China and adjusted import quotas. The move, aimed at countering foreign dumping and strengthening domestic production, was welcomed by labor United Steelworkers union called it a 'major win for workers,' citing the changes to tariff-rate quotas as key to preventing job concerns remain. 'Diversifying the domestic market is important, but it won't replace US demand,' said Desmarais, warning that global overcapacity still poses a trade talks with Washington remain tense. While Prime Minister Carney and President Trump had initially aimed to reach a new Canada-US economic agreement by July 21, that deadline has now been pushed to August 1. Trump is threatening additional tariffs of 35 percent on Canadian imports, though a White House official told CTV News these would not apply to goods compliant with the Canada-US-Mexico Agreement (CUSMA).Pressed on whether the federal government will compromise to avoid further economic harm, Joly said Ottawa won't bargain in public. 'We will make sure that we don't negotiate in public,' she said. 'It is important that we stand strong. It is important that we defend Canada and Canadians' interests.'
