(Breitbart)—Leftist Canadian Prime Minister Mark Carney announced during a stop at a steel company on Wednesday that he would impose higher tariffs on non-U.S. steel imports to protect the Canadian steel industry from foreign competition.
China is the second largest importer of steel to Canada, according to Global News, and has been subject to similar tariffs and other trade restrictions around the world in response to a practice known as “dumping” in which a country overproduces a certain good and imports a large amount of it into a foreign country to lower prices and hurt that country’s domestic industry.
In addition to Canada, Vietnam and India have announced anti-dumping tariffs on Chinese steel this year.
Carney explained that the new policy was necessary not just to protect Canadian steel manufacturers from foreign competition, but to protect the Canadian economy generally as Ottawa attempts to broker a new trade agreement with the United States. President Donald Trump announced a global overhaul of American trade policy in April that would require every nation seeking a place in the American marketplace to renegotiate its agreements on terms more favorable to Americans. Trump instituted a deadline of August 1 for negotiations with Canada, after which Canadian goods would face a 35 percent tariff entering the United States if not covered by the United States-Mexico-Canada Agreement (USMCA).
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Author: Breitbart
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