Scotiabank lifts gold price forecast and upgrades Newmont, Barrick
Investing.com -- Canada has granted tariff relief on certain steel and aluminum products imported from the United States and China, according to a government document released Friday.
The move aims to support domestic businesses affected by ongoing trade disputes with both countries. Prime Minister Mark Carney is currently in negotiations with U.S. President Donald Trump, who previously imposed tariffs on Canadian steel and aluminum.
Canadian officials also met with Chinese counterparts last week to discuss potential relief from Chinese tariffs on Canadian agricultural products.
The Ministry of Finance amended the 2024 surtax remission order on Chinese imports to exempt specific steel and aluminum varieties not produced within Canada. This amendment took effect on October 15, with additional details scheduled for publication on November 5.
For U.S. imports, the ministry exempted select steel and aluminum products primarily related to public health, national security, manufacturing, agriculture, and food packaging.
Finance Minister François-Philippe Champagne explained the policy’s purpose on Monday, stating: "The remission process is to protect people who are in the downstream sector... to deal with exceptional circumstances."
Champagne emphasized that these exemptions apply to specific products necessary for maintaining Canadian supply chains and would have minimal impact on counter-tariff collection.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.