The Canadian Steel Industry Is Fraught with Crises

An industry leader from the Canadian Institute of Steel Construction (CISC) stated that Canada is in urgent need of formulating a response plan to confront head-on the impact of U.S. trade sanctions on Canadian steel and aluminum products.

In March of this year, the United States imposed a 25% tariff on Canadian steel and aluminum products. Canada subsequently retaliated by imposing an equivalent 25% tariff on U.S.-produced steel.

By June, the United States doubled the tariffs on Canadian steel and aluminum products to 50%.

Meanwhile, Canada is currently imposing a 25% tariff on steel and aluminum products imported from China.

However, the federal government recently announced that certain steel and aluminum products from China and the United States will be exempt from Canadian tariffs.

Keanin Loomis, President and Chief Executive Officer (CEO) of the Canadian Institute of Steel Construction, said that there is widespread anxiety and fear of job losses across the industry, and thus it is crucial to maintain a counteroffensive.

“We must remain firm and make the United States feel the pain as much as possible on this issue,” Loomis said in an interview with CTV News on Sunday. “But more importantly, we need a plan.”