‘From reliance to resilience’: Carney offers fresh support for steel, lumber industries

11 hours ago 14

Article content

The federal government announced a suite or new policies Wednesday to support the embattled steel and lumber industries, the latest measures to shift the Canadian economy away from reliance on the American market.

THIS CONTENT IS RESERVED FOR SUBSCRIBERS

Enjoy the latest local, national and international news.

Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.
Unlimited online access to National Post.
National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
Daily puzzles including the New York Times Crossword.
Support local journalism.

SUBSCRIBE FOR MORE ARTICLES

Enjoy the latest local, national and international news.

Exclusive articles by Conrad Black, Barbara Kay and others. Plus, special edition NP Platformed and First Reading newsletters and virtual events.
Unlimited online access to National Post.
National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
Daily puzzles including the New York Times Crossword.
Support local journalism.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account.
Share your thoughts and join the conversation in the comments.
Enjoy additional articles per month.
Get email updates from your favourite authors.

THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account
Share your thoughts and join the conversation in the comments
Enjoy additional articles per month
Get email updates from your favourite authors

Sign In or Create an Account

Article content

Prime Minister Mark Carney said the measures were designed to support two pillar industries of the Canadian economy that have been rammed this year by United States tariffs directed at Canada and many other countries.

Article content

Speaking to reporters in Ottawa, Carney said the Canadian economy is adapting to the new landscape, while shifting “from reliance to resilience.”

Article content

“The Canadian steel and lumber industries will always be at the heart of Canada’s competitiveness, our security and our strength.”

Article content

Ottawa has responded to those American policies, notably the steep tariffs against key Canadian sectors, by trying to diversify exports away from the U.S. and boost sales within Canada.

Article content

While the Canadian economy has showed some resilience in recent months, the targetted industries – steel, auto, aluminum and lumber – have been hit hard as exports to the U.S. have tumbled.

Article content

Trade talks between Canada and the U.S. were halted late last month after Ontario ran an anti-tariff ad on American television during the Major League Baseball World Series. The ad, which featured anti-tariff quotes from former U.S. President Ronald Reagan, reportedly infuriated U.S. President Donald Trump.

Article content

Carney said Wednesday that he spoke to Trump a day earlier but that the conversation produced nothing newsworthy. The two leaders are scheduled to speak in person next week at a World Cup draw event.

Article content

The flurry of new measures, which fall into three buckets, include efforts to:

Article content

Increase demand for Canadian steel by an estimated $1 billion by limiting foreign steel imports:

Article content

Reducing the tariff rate quota levels to 20 per cent from 50 per cent for steel products from countries with whom Canada doesn’t have a free trade agreement
Reducing the tariff rate quota levels to 75 per cent of 2024 levels from 100 per cent for steel products from non-CUSMA (the successor to the North American free trade deal)
Imposing a new 25 per cent tariff on some imported steel products such as wind towers, fasteners and wires
Using detectors and dedicated steel compliance specialists to tighten borders against foreign steel dumping

Article content

Make it easier to build with Canadian steel:

*** Disclaimer: This Article is auto-aggregated by a Rss Api Program and has not been created or edited by Bdtype.

(Note: This is an unedited and auto-generated story from Syndicated News Rss Api. News.bdtype.com Staff may not have modified or edited the content body.

Please visit the Source Website that deserves the credit and responsibility for creating this content.)

Watch Live | Source Article