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Trump Trade War - A blow to Canada construction industry

Steel News - Published on Mon, 22 Oct 2018

Image Source: Financial Post
Remi Network reported that to prevent diversion of foreign steel products into Canada, the federal government is imposing provisional steel safeguards on imports of seven products: heavy plate, concrete reinforcing bar (rebar), energy tubular products, hot-rolled sheet, pre painted steel, stainless steel wire and wire rod. Beginning October 25, 2018, imports of these seven steel products will be subject to a surtax of 25 per cent, in cases where the level of imports from trading partners exceeds historical norms. Provisional safeguards are intended to provide Canadian steel producers and workers relief from the harm caused by excessive imports of steel products into Canada. The Government is requesting that the Canadian International Trade Tribunal conduct an inquiry to determine whether final steel safeguards are warranted. The provisional safeguards will be in place for 200 days pending the CITT’s findings.

The Canadian Construction Association says the construction industry has been disregarded by the Canadian government in its decision to impose provisional safeguard measures on steel products. Ms Mary Van Buren, CCA’s president said that “We have been understanding while the negotiations were in progress with the US government, but the outcome is that the construction industry has been ignored. Not only do the steel and aluminium tariffs remain; these safeguards are another blow to the industry.”

The US imposed tariffs and these safeguards on the import of foreign steel will hurt the construction industry, its workers and fundamentally all Canadians by raising prices, damaging competitiveness for business and potentially delaying projects necessary for building Canada’s infrastructure.

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Posted By : Ratan Singh on Mon, 22 Oct 2018
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