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Steel News October 12, 2018 09:30:19 AM

Canada Imposes 25% Tariffs on Steel Imports to Avert Dumping

Paul Ploumis
ScrapMonster Author
The new safeguard measures will cover seven types of imported steel products.

Canada Imposes 25% Tariffs on Steel Imports to Avert Dumping

SEATTLE (Scrap Monster): The Canadian government announced its decision to impose 25% tariff and quotas on steel import from select countries including China and Turkey, in an attempt to curb flood of steel imports. Specific exemptions will be granted for the U.S., Mexico and developing countries.

At the same time, the administration has also decided to issue refunds on import tariffs paid on steel and aluminum products imported from the U.S., that are identified to be in short supply in the country.

The new safeguard measures will cover seven types of imported steel products. The tariffs will affect import of heavy plate, concrete reinforcing bar, energy tubular products, hot-rolled sheet, pre-painted steel, stainless steel wire, and wire rod. The announced tariffs are provisional and will take effect on 25 October, 2018 for a period of 200 days initially. An inquiry by the Canadian International Trade Tribunal (CITT) will decide upon whether to extend the proposed tariffs for a period of three years.

Joseph Galimberti, president of the Canadian Steel Producers Association welcomed the decision calling it ‘warranted’ and ‘badly needed action’. A government action was very much due, as steel had started flowing into the country, especially after the U.S. administration imposed hefty tariffs on steel and aluminum imports. However, the Canadian Coalition for Construction Steel warned that the announcement could lead to price hikes, due to potential supply shortages.

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