Canada has imposed a 50% tax on steel imports from countries without a free trade agreement

Canada has imposed a 50% duty on imports of steel products from countries with which the country does not have a free trade agreement. This was announced on Friday, June 27, according to a statement from the government.

"Today, Minister of Finance and National Revenue Francois-Philippe Champagne announced the introduction of new tariff quotas (TRQ) for steel products imported into Canada from countries outside the Free Trade Agreement (FTA)," the statement said.

According to this decision, the quota is set at 2.6 million tons of steel. This temporary trade measure will help stabilize the Canadian steel market, eliminating the risk that steel originally destined for the United States will be redirected to Canada, the government said.

After 30 days, the level of the duty will be reviewed to "ensure its expediency and effectiveness."

"The government remains ready to take additional steps as necessary and will continue to analyze the appropriateness of its retaliatory measures, depending on the development of the situation with the US tariffs," they added.

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