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Investing.com -- Canada will increase support for its steel and lumber industries to help them cope with U.S. tariffs and develop the domestic market, Prime Minister Mark Carney announced Wednesday.
The government is implementing several measures, including enhanced protection for workers in these sectors, Carney said during a press conference.
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In a significant policy shift, Canada will reduce steel import quotas from countries without free trade agreements to 20% of 2024 levels, down from the previous 50% limit. Countries that have free trade agreements with Canada will see their quotas reduced to 75% from 100% of 2024 levels.
These quota reductions will not affect the United States and Mexico, which operate under the United States-Canada-Mexico free trade agreement.
Additionally, Canada will impose a 25% tariff on targeted imported steel-derivative products globally and implement border measures to fight steel dumping.
The tightening of these measures aims to create more opportunities for Canadian-produced steel in the domestic market, according to a government official.
The initial quota system was established in July, when Ottawa limited steel imports from non-FTA countries to 50% of 2024 levels to prevent foreign steel dumping.
Looking ahead to early 2026, the Canadian government plans to collaborate with railway companies to reduce freight rates for inter-provincial transportation of Canadian steel and lumber by 50%.
The government also pledged to promote the use of locally manufactured steel and lumber in home construction and provide financial assistance to companies dealing with tariff-related challenges, including workforce issues, liquidity problems, and operational restructuring needs.