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Looking to Block Diverted Steel, Canada Imposes Tariff on Seven Products
10/12/2018 - Canada is imposing a provisional tariff on seven steel products, saying the safeguard measure is necessary to prevent its home markets from being flooded with steel that would have been sold into the U.S., if not for the Trump administration’s Section 232 tariffs.
In a statement, Canada’s Finance Department said the tariff will apply to heavy plate, rebar, energy tubular products, hot-rolled sheet, pre-painted steel, stainless steel wire and wire rod. Imported products will face a 25% tariff, if volumes exceed historical levels.
“We have discussed safeguards with the government for a very long time, and feel like there is significant evidence” in favor of it, Joseph Galimberti, president of the Canadian Steel Producers Association, told the Bloomberg news service.
“The safeguard is a warranted and badly needed action,” he said.
Bloomberg has more here.
