MNI:Canada Ups Steel Tariff To Stop Diversion, Sets CAD1B Fund

Canadian Prime Minister Mark Carney raised steel tariffs to prevent diversion of unfairly produced goods from countries like China and set up a CAD1 billion fund to foster domestic production, moves that may help him in negotiations with Donald Trump for a broad trade agreement by the end of the month. 

"We must diversify our trade relationships, and above all we must rely more on Canadian steel for Canadian projects," Carney said Wednesday at a steel mill in Hamilton, Ontario. Canada will require domestic steel in federal contracts and "prioritize Canadian steel to build big projects including millions of homes, ports, bridges, energy infrastructure and our security and defence capabilities." Carney is also moving ahead after consultations with a 100% tariff rate quota on countries that don't have a free trade deal with Canada and an extra 25% tariff on most steel melted and poured in China. (See: MNI: Canada Pushed Bessent On Market Drop After Auto Tariff)