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Time of India
10 hours ago
- Business
- Time of India
Canada Steel Industry: Canada's steel producers tell government its tariff protection measures aren't enough, ET Infra
Advt Advt Canadian steel industry representatives told government officials in a meeting this week that their measures to protect the industry from the consequences of US tariffs are insufficient, two of the representatives who attended the meeting told Thursday, steel producers met with Patrick Haley, assistant deputy minister for trade and finance, and other officials from the ministry, telling them the measures announced earlier this month do not protect the industry from steel dumping and could cause mass layoffs, the representatives President Donald Trump increased import duties on steel and aluminum to 50 per cent from 25 per cent earlier this month. Canada is the top seller of metals to the United response, Canada announced a raft of measures, including establishing new tariff-rate quotas of 100 per cent of 2024 levels on imports of steel products from non-free trade agreement partners. Industry representatives at the meeting asked the government to extend tariff quotas to all countries with unfair trade practices, even if they have free trade and Asia have started diverting their products to Canada to avoid US tariffs, making domestic steel uncompetitive, they said. "We don't think the measures announced meet our needs under this dire time," Catherine Cobden, President and CEO of the Canadian Steel Producers Association , told attended the meeting with finance ministry officials on Thursday. The Canadian Steel Producers Association said in a separate statement on Thursday that, in its current form, the tariff-rate quota will do little to support its steel industry has laid off 1,000 workers since the first US tariffs in March, and more layoffs could be coming, the association said. Keanin Loomis, president of the Canadian Institute of Steel Construction, which includes steel manufacturers, fabricators, and constructors, said that Thursday's government meeting was heavily steel producers-focused, noting that finished steel products imported to Canada have no tariff protection Loomis also attended the meeting. In a text response to Reuters, the Canadian Finance Ministry said that the measures it announced represent a comprehensive and strategic package to defend producers and workers, and were a first Minister Mark Carney has threatened to increase counter-tariffs on US-produced steel and aluminum if Canada does not reach a broader trade deal with Trump by July 21. Trump on Friday abruptly cut off trade talks with Canada over its new tax targeting US technology firms."These are temporary and calibrated measures that could be expanded depending on the outcome of ongoing discussions with the United States. We are prepared to adjust our response as needed," a spokesperson for the finance minister said.
India Today
a day ago
- Business
- India Today
Unthinkable, but...: Trump wants full removal of trade barriers in India deal
US President Donald Trump, who earlier hinted that a "very big" trade deal with India would come soon, said on Friday that his country was looking to get all the trade barriers removed, which, he said, was "unthinkable".Addressing a press conference at the White House, Trump said the US would reach a deal with India, "where we have the right to go and do trade". His remarks came ahead of his July 9 deadline to impose reciprocal I think we are going to reach a deal where we have the right to go and do trade. Right now, it's restricted. You can walk in there and you can't even think about it. We are looking to get a full trade barrier dropping, which is unthinkable. I am not sure that that is going to happen. But, as of this moment, we agree to go to India and trade...," he said. Trump said he planned to send out a letter over the next week and a half telling countries what US tariff rate they will have to pay. He also said that his July 9 trade deadline was not a fixed date."We can do whatever we want. We could extend it. We could make it shorter. I'd like to make it shorter. I'd like to just send letters out to everybody: Congratulations, you're paying 25 per cent," he reiterated that the US had made a deal with China amid a tariff war between the world's two largest TRADE TALKS SEE IMPASSEThe US President's remarks came as trade talks between India and the US hit a roadblock over disagreements on import duties for auto components, steel and farm goods, news agency Reuters reported, citing is pushing for a rollback of the proposed 26 per cent reciprocal tariff set to take effect on July 9, along with concessions on existing US tariffs on steel and auto parts. But US negotiators have not yet agreed to the demands, three Indian government officials told April 2, Trump announced reciprocal tariffs on all countries and dependencies and said the measures would come into effect from April 9. The tariffs had a baseline of 10 per cent, with the highest rate at 49 per cent. However, on April 10, Trump announced a 90-day pause after global markets crashed to record told Reuters that India has offered tariff cuts on almonds, pistachios and walnuts and was willing to extend preferential treatment for American imports in sectors like energy, autos and the impasse, Indian officials stressed their long-term commitment to the US as a trusted economic partner, while maintaining policy Minister Narendra Modi and Trump agreed in February to conclude the first phase of a bilateral trade agreement by autumn 2025 and to expand trade to USD 500 billion by 2030, from about USD 191 billion in 2024.- Ends
