With U.S. President Donald Trump’s tariffs on steel and aluminum now doubled, Canadian steel businesses and industry leaders — already wounded by the initial tax — haved mixed reactions about the hike.
Calling the impact of the initial 25 per cent tariffs “devastating,” after it resulted in job losses and a drop in shipments to the U.S., one steel industry leader says a 50 per cent tariff will lead to a “dramatic acceleration” of those trends.
“At a 50 per cent tariff, we basically consider the U.S. market closed — completely closed, door slammed shut, if you will — to Canadian steel,” said Catherine Cobden, CEO of the Canadian Steel Producers Association.
“We can’t ship at 50 per cent. Perhaps we can stockpile for a few days, but obviously we can’t keep producing if one of our major markets is shuttered.”
WATCH | Trump signs order to double steel and aluminum tariffs: U.S. President Donald Trump has …