Canada Finance Minister François-Philippe Champagne announced on Thursday, a series of measures that promise to protect Canadian producers and workers from aluminum against the overwhelms imposed by US President Donald Trump.
In the first measure, from July 21, Canada will adjust its retaliatory tariffs on steel and aluminum products for levels consistent with progress in the widest trade agreement with the United States, the statement said without citing values or percentage.
In another measure, from June 30, the government will start implementing reciprocal purchasing policies to limit access to federal purchases to Canada suppliers and reliable business partners who offer reciprocal access to Canadian suppliers by means of commercial agreements.
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“As released earlier this year, the government is also exploring additional ways to maximize the use of Canadian steel and aluminum in government -funded projects, including coordination with Canadian provinces and territories,” the Champagne document added.
Then the government promises the protection of Canadian steel industry with new tariff quotas of 100% of 2024 levels for imports of non -signatory partner products from free trade agreements. According to the note, this measure seeks to “stabilize the domestic market and avoid harmful commercial deviations resulting from US actions that are destabilizing markets. These quotas will be applied retroactively and revised within 30 days,” he explained.
The Finance Minister also said that he will adopt additional tariff measures in the coming weeks to deal with the risks associated with persistent global overcapacity and “unfair trade” in the steel and aluminum sectors. “The measures will be applied based on the country of casting and leakage for steel and the country of casting and foundry for aluminum,” he said.
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It will also be created two committees, one for steel and one for aluminum, which will meet regularly to monitor trade and market trends. The last measure announced is a tariff credit line for large companies, worth $ 10 billion.
