Canada supports its steel sector in the face of US tariffs

Canadian Prime Minister Mark Carney announced that the government will provide additional support to the steel sector to help it cope with US tariffs, in addition to working to strengthen the domestic market for these industries. Carney explained that Ottawa will reduce steel import quotas from countries that do not have free trade agreements with Canada, to 20% instead of 50% of 2024 levels. Countries with free trade agreements with Canada will see their import quotas reduced to 75% from 100% of the same year's levels. These measures do not apply to the United States and Mexico, as they are also bound by a free trade agreement with Canada. Canada will also impose a 25% tariff on a specific range of steel derivative products, along with adopting new border measures to limit the dumping of foreign steel in the Canadian market.