In a statement from Canada on trade:

  • Canada to lower tariff-rate quota levels from 100% to 50% of 2024 volumes for steel products from non-free trade agreement countries

  • Canada introducing tariff-rate quota of 100% of 2024 volumes for steel products from free trade partners, excluding the U.S.

  • 50% tariff will apply to imports above those levels

  • Canada Prime Minister Carney says Canada has become too dependent on U.S., must diversify trade relationships and rely more on Canadian steel for Canadian projects

  • 50% tariff will apply to imports above those levels

  • Canada to charge extra 25% tariff on steel imports from all countries, excluding the U.S., containing steel melted and poured in China

Source: Forex Live