Slim chances of quick resolution of US-Canada metals tariffs - Reuters
|As reported by Reuters, Canada is not expecting a rapid end to US trade tariffs on Canadian metals.
Key highlights
Canada does not hold out much hope that Washington will quickly lift tariffs that it imposed on steel and aluminum exports and is resisting a U.S. push to agree to strict quotas, two sources familiar with the matter said.
In a bid to address those concerns the Canadian government - acting on a promise it made in March - on Thursday said it would impose new quotas and tariffs on imports of seven categories of steel from many countries to head off a potential rise in imports.
A tariff of 25 percent will apply starting Oct. 25, 2018 to imports “in cases where the level of imports from trading partners exceeds historical norms”, a government statement said.
Jerry Dias, head of Unifor, Canada’s largest private sector union, said the safeguards would keep out subsidized steel from China and South Korea.
“It’s also sending a message to the United States,” he said in an interview. “Now that the issue is resolved, there’s no meaningful reason for the U.S. to continue to punish the steel industry on both sides of the border.”
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