Canada Strengthens Steel and Lumber Industries Amid U.S. Tariffs

Canada introduces new measures to support its steel and lumber industries against U.S. tariffs. These include tariff adjustments, reduced import quotas, and domestic market initiatives. The government aims to foster local production, aid affected companies, and facilitate cost-effective domestic transportation.

In a strategic move to counter U.S. tariffs, Canada announced enhanced support for its steel and lumber industries on Wednesday, as revealed by Prime Minister Mark Carney.

Ottawa will slash import quotas from non-FTA countries and impose a global 25% tariff on certain steel products, prioritizing Canadian-produced materials in a bid to stimulate the domestic market.

Additionally, the government plans to collaborate with railway companies to halve freight rates for internal steel and lumber transportation, which is expected to take effect in early 2026.

(With inputs from agencies.)