OTTAWA (Reuters) -Canada will soon adopt tariff measures to address risks associated with persistent global overcapacity and unfair trade in steel and aluminum, Prime Minister Mark Carney told reporters on Thursday.
U.S. President Donald Trump this month doubled the tariffs on imports of steel and aluminum to 50%. The move could hurt Canada, which is the largest seller of the metals to the U.S.
Carney, saying the tariffs were destabilizing markets, said Canada would establish new tariff-rate quotas of 100% of 2024 levels on imports of steel products from non-free trade agreement partners “to stabilize the domestic market and prevent harmful trade diversion.”
Carney said on Monday he had agreed with Trump that the two nations should try to wrap up a new economic and security deal within 30 days.
Canada will adjust its existing counter-tariffs on U.S. steel and aluminum products on July 21 to levels consistent with progress made in talks, Carney said, without giving details.
(Reporting by Promit Mukherjee, writing by David LjunggrenEditing by Rod Nickel)
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