#Trumpadministration'ssteeltariffs; #JustinTrudeau; #U.Smarkets; #SeanDonnelly #Canada, #China, #EuropeanUnion; #CanadaBorderServicesAgency''sbudget; #Bloomberg
Ottawa, Jun 27 (Canadian-Media): In the wake of the Trump administration's steel tariffs, Canada is planning new tariffs and quotas on steel from China and certain other as-yet unknown countries In an attempt to prevent dumping of Chinese steel on the domestic market, media reports said.
Besides European Union (EU), Canada was concerned China could engage in selling steel without any buyer, below cost in Canada or elsewhere.
Canada reportedly has already taken steps -- including beefing up Canada Border Services Agency''s budget, adding 40 new officers to handle trade-related complaints --to protect Canadian steelmakers from the possibility of aggressive competition in the wake of a trade war.
"Canada is a trading nation, and we will not allow North American industries to be hurt or threatened by unfair trade practices, like the diversion of steel and aluminum," Prime Minister Justin Trudeau said in March.
There had been a rise in steel diversions to Canada in recent years, even before the Trump tariffs took hold, said Sean Donnelly, the CEO of AercelorMittal Dofasco, Canada's largest steel producer.
"Canada's response to past and future threats from unfairly traded and diverted offshore imports is critical," Donnelly said.
Citing "people familiar with the plans," Bloomberg said Canada is preparing quotas that would limit the amount of steel imported into the country, with tariffs charged on any imported steel beyond that quota.
The new tariffs and quotas could be announced as soon as next week, the report stated.