Author Summary
Canada's Prime Minister Mark Carney unveiled enhanced aid for steel and lumber sectors battered by U.S. tariffs, including import quota cuts and freight subsidies, amid frozen trade discussions with Washington. (148 characters)
Key Announcement
The new plan emerges during stalled trade talks between Ottawa and Washington.
Canada aims to bolster its steel and lumber industries facing U.S. tariffs, such as President Donald Trump's 50% levy on steel imports. Prime Minister Mark Carney shared this strategy at a Wednesday press conference.
Support Measures
Ottawa will slash steel import quotas from non-FTA countries to 20% of 2024 levels, down from 50%, and from 100% to 75% for FTA nations (excluding USMCA partners). These steps seek to build a stronger domestic market for Canadian steel, which adds over C$4 billion to GDP and employs more than 23,000 people.
"We will make it more economical to move Canadian steel and lumber across the nation by lowering freight costs."
Starting early 2026, the government will partner with railways to halve inter-provincial freight rates for these materials. Further aid targets businesses hit by tariffs, covering workforce, liquidity, and restructuring needs, while pushing domestic use in construction.
More News
- Remembering Joan — A Loving Tribute to an Extraordinary Partner and Mother
- The Place: Meet our Friend Ty Lewis and Explore Branson with Kelly & Nate!
- Twenty-nine ways Trump has changed Canada
- Canada announces new support for lumber, steel industries hit by tariffs
- In trade war with U.S., Canada is winning the battle for tourists
- Sir Richard Branson Mourns Wife Joan Templeman, Dead at 80
- Richard Branson reveals wife Joan has died at 80: ‘Suddenly, she was gone’
- Cal Foote Signs AHL Contract After Acquittal
- Cal Foote Signs AHL Contract with Chicago Wolves
- Cal Poly’s Jeffrey Armstrong Becomes Highest-Paid CSU President After 20% Raise