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Canada is warning it will increase tariffs on U.S. steel and aluminum imports if a new trade agreement isn’t reached by July 21. Prime Minister Mark Carney announced the move following discussions at the G7 summit, where trade tensions remained unresolved.
The proposed actions are part of a broader strategy to protect Canadian industry. Key measures include:
Higher Tariffs: Canada will adjust its current 25% retaliatory duties upward if no progress is made in trade talks.
Domestic Procurement Rules: Starting June 30, federal contracts for steel and aluminum will go to Canadian firms or nations offering reciprocal, tariff-free access.
Import Caps: New tariff-rate quotas will limit steel and aluminum imports from countries without free trade agreements to 2024 levels.
Infrastructure Prioritization: Canadian materials will be prioritized for major federal projects, including housing and defense.
Industry Support: A C$10 billion loan program and a federal task force will help Canadian producers weather any trade disruptions.
With over 90% of Canadian steel and aluminum exports going to the U.S., these steps reflect a firm stance amid ongoing uncertainty. Carney emphasized the goal is a balanced, fair trade deal that protects Canadian jobs and industries.
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