In response to ongoing trade tensions and the threat of U.S. tariffs, Canadian Prime Minister Mark Carney has unveiled a series of measures aimed at shielding the nation’s steel and lumber industries. The package includes restrictions on steel imports, a new tariff, and financial support for freight costs related to steel and lumber. These actions are part of Canada’s broader strategy to mitigate the economic impact of potential retaliatory measures by the United States.
The announcement comes as trade talks between Canada and the United States continue to stall, with both sides struggling to reach an agreement on the contentious issue of steel and lumber tariffs. Carney’s announcement was made during a press conference on Parliament Hill in Ottawa, where he emphasized the need for a balanced approach that protects domestic industries while maintaining trade relations with the U.S.
Industry leaders have welcomed the measures, though some have called for more direct action against U.S. tariffs. Meanwhile, economic analysts warn that the impact of these measures could be significant, with potential effects on trade balances, inflation, and global market sentiments.
Carney’s administration has also hinted at the possibility of introducing additional support mechanisms, including tax incentives for domestic manufacturers and investment in infrastructure projects that could help reduce reliance on imported steel and lumber. These steps are seen as part of a comprehensive strategy to protect Canada’s economic interests in the face of global trade uncertainties.