STATEMENT FROM THE STEEL INDUSTRY ON THE THREAT OF TARIFFS ON CANADIAN PRODUCTS

OTTAWA, ON, Nov. 26, 2024  /CNW/ - Today, Catherine Cobden, President and CEO of the Canadian Steel Producers Association, released the following statement after an announcement from the US President-elect on his plans to impose tariffs on all Canadian and Mexican imports:

"Steel is amongst the most integrated industries in North America; and is the foundation of many of the goods and products that we proudly build as a continent. We acknowledge the statement by the President-elect, and we believe it is ultimately a signal for urgent action and dialogue between our countries on a range of important issues. Our sector does not believe this is a reflection of our trading relationship; one that is founded on the principles of the USMCA, signed into force by both the current Canadian Prime Minister and the President-elect during his first term.

"Canada and the United States enjoy a strong two-way trade relationship of steel worth close to $20B annually. 40% of our steel imports in Canada come from the United States, while 20% of their imports come from Canada. Imposing tariffs on Canadian steel will have tremendous impact across many sectors such as auto, energy and construction, making everything more expensive to the American and Canadian consumer.

"Canada has joined the United States to align our trade policies over the last two American administrations, implementing policies to improve supply chain transparency and imposing tariffs on China excess steel capacity to protect our North American advantage, and our workers from unfair trade with China. No other steel trading partners in the world have worked to align as closely as Canada and the United States.

"Our industry urges the Canadian government to engage the incoming US administration and present a wholistic case that an aligned North American approach will only strengthen our economic security in the face of serious threats around the world."

 About the Canadian Steel Producers Association

The Canadian Steel Producers Association is the national voice of Canada's primary steel and the pipe and tube industry, dedicated to ensuring a competitive and sustainable business environment for its members and supply chain stakeholders. Canadian steel producers are integral to Canada's economy and a vital supplier to many segments of North American industry, including the automotive, energy, construction, and transportation sectors.

SOURCE Canadian Steel Producers Association

Media Contact: Catherine Cobden, President & CEO, Canadian Steel Producers Association, [phone], [email protected]