Prime Minister Mark Carney on Wednesday announced his government plans to spend big on advancing Canada’s steel industry while increasing tariffs for non-US countries.“Steel is the very foundation of Canada, and we need much more of it,” Carney told reporters during a press conference at a steel plant in Hamilton, ON.He said steel is essential to energy, infrastructure, ports, rail corridors, defence and AI..UPDATED: Trump retaliates against Ford, announces 50% tariff on steel, aluminum .“We need to act now so our economy remains resilient,” he said, adding Canada must stay strong “despite actions by the US” to impose tariffs.“We have become too dependent on the US and we must diversify our trade relationships,” said Carney.“We must rely more on domestic steel.”“Steel is the very foundation of Canada and we will need much more of it.”.Trump’s 50% steel, aluminum tariffs spark outrage in Canada; USW calls for immediate action .Carney said his government will “take measures to stabilize our steel market” by “tightening the tariff level to 50% of 2024 volumes” and “applying 50% tariffs on imports beyond those levels.”“For non-US partners, the tariff rate quota level will be set at 100% and 50% above 2024 levels.”Canada will impose an additional 25% tariff on steel melted and poured in China.“No changes to current trade measures with the US,” said Carney.Instead, Ottawa will spend more than $1 billion to “invest in steel companies in Canada and Canadian steel workers.”.Trump walks back 50% steel and aluminum tariffs in favour of original 25%.A total of $70M will go to training and income support for 10,000 affected steel workers and $1 billion “to help steel firms advance projects to increase competitiveness.”Canadian steel will be used in this country to “build big things faster,” said Carney.Despite Carney’s apparent stance that steel is the foundation of the nation, Carney in March downplayed the importance of steel.“How much steel do you use these days?” he asked a CTV host rhetorically.“Not as much.”
