In a statement from Canada on trade:
Canada to lower tariff-rate quota levels from 100% to 50% of 2024 volumes for steel products from non-free trade agreement countries
Canada introducing tariff-rate quota of 100% of 2024 volumes for steel products from free trade partners, excluding the U.S.
50% tariff will apply to imports above those levels
Canada Prime Minister Carney says Canada has become too dependent on U.S., must diversify trade relationships and rely more on Canadian steel for Canadian projects
50% tariff will apply to imports above those levels
Canada to charge extra 25% tariff on steel imports from all countries, excluding the U.S., containing steel melted and poured in China
This article was written by Greg Michalowski at www.forexlive.com.