The Government of Canada announced the launch of a 30-day public consultation on possible trade measures to protect against the threat of diversion of steel products from third countries into the Canadian market as a result of the recent trade measures by the U.S.
The global steel market currently has too much supply compared to demand. This severe overcapacity leads to cheap foreign steel being sold at artificially low prices in Canada and globally. When such steel enters the Canadian market, it negatively impacts Canadian steel workers and businesses. Following the recent U.S. tariffs, there is a heightened risk that these steel products may flood the Canadian market.
Potential new trade measures would complement measures recently announced by the Government of Canada to support Canadian steel and aluminum industries.
Comments regarding possible measures to address trade diversion can be submitted to the Department of Finance Canada until April 21, 2025.
Link: Consultations on Potential Trade Measures to Prevent Diversion of Steel Products into Canada
