Canada Hits Back At Trump's 50% Steel Tariffs With $1 Billion Rescue, New Quota System

Canada will introduce new measures to defend its steel industry against the impact of tariffs. Prime Minister Mark Carney announced the implementation of the plan proposed a month ago, during a visit to Hamilton-based steel fabricator Walter’s Group.

"This is about protecting Canadian jobs and standing up for fair trade," Carney said per CPAC, adding that more than 90% of Canada's steel exports currently go to the U.S.—a concentration he called "unsustainable."

"We will also implement tariffs on steel imports from all non-U.S. countries containing steel melted and poured in China," he added. Carney's reaction comes after President Donald Trump doubled tariffs on Canadian steel and aluminum to 50% on June 3.

To address this situation, Carney proposed a new tariff rate quota system. Starting August 1, ...