Ottawa must steel itself against tariffs
On June 19, the federal government said it will freeze at 2024 levels imports of steel from countries with which it doesn’t have free-trade pacts. Steel coils are seen in a yard at ArcelorMittal Dofasco's steel mill in Hamilton, Ont.Cole Burston/Getty Images
The first step is always the hardest, as the saying goes. After that, one has momentum. But on the question of steel imports, that forward impetus is precisely what Ottawa should be careful about.
On June 19, the federal government said it will freeze at 2024 levels imports of steel from countries with which it doesn’t have free-trade pacts. If those jurisdictions, which include China, India and Turkey, exceed the quota, Ottawa says shipments will be subject to a 50-per-cent tariff.
It was the first major step the government of Prime Minister Mark Carney has taken to aid Canadian steel producers, which are currently caught between a hammer and an anvil when it comes to international trade.
The hammer is U.S. President Donald Trump, who slapped 25-per-cent tariffs on steel and aluminum imports in March, triggering reciprocal counter-duties from Ottawa.
Mr. Trump then upped the ante in early June with 50-per-cent duties on almost all foreign imports of the two metals. The move could cut........
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