Canada Overhauls Steel Import Controls and Tariffs

Canadian Prime Minister Mark Carney has announced a major overhaul of the country's steel trade policy, introducing stricter import controls to protect the domestic industry from cheap imports, especially from China, and in response to high U.S. tariffs. The new measures impose a 25% tariff on steel imports from any country—except the U.S. and Mexico—if the steel was melted and poured in China, and tighten tariff-rate quotas for both free trade and non-free trade partners, with imports exceeding quotas facing a 50% tariff. The U.S. and Mexico are exempt from these restrictions, underscoring Canada's effort to reduce dependence on the American market. Foreign steel currently accounts for two-thirds of Canada's steel consumption. Industry leaders have praised the move as a bold response to global steel overcapacity, making Canada the first nation to adopt such strong anti-dumping controls. Some analysts caution, however, that these steps may not fully offset the negative effects of broader U.S. tariffs on Canadian steel producers.