Latest news with #steel
Reuters
39 minutes ago
- Business
- Reuters
Germany regrets Arcelor's decision to halt carbon-neutral steel production
BERLIN, June 20 (Reuters) - Germany's economy ministry on Friday expressed regret over ArcelorMittal's ( opens new tab decision not to proceed with two key hydrogen steel projects in Germany, foregoing government help amounting to 1.3 billion euros ($1.5 billion). "It is important to note that no money has yet flowed. This means that no money has to be reclaimed," the ministry said in an emailed statement. ArcelorMittal said it had dropped plans to convert two plants in Germany to carbon-neutral production because the country's energy costs were too high. ($1 = 0.8687 euros)
Yahoo
12 hours ago
- Business
- Yahoo
Canada will hike U.S. steel tariffs if it can't make a trade deal next month, Carney says
Prime Minister Mark Carney announced Thursday new measures to help stabilize Canada's steel and aluminum sectors that have been hard hit by U.S. President Donald Trump's tariffs — with exports down and job losses up. The new federal program includes a quota on foreign steel and a proposed tax hike on U.S. imports if Canada and the U.S. can't reach a trade deal in a month's time. Carney said Canada's counter-tariffs on U.S. steel and aluminum products would go up — or down, depending on the negotiations with Trump — on July 21. Trump hiked the U.S. tariff rate on steel and aluminum from 25 per cent to 50 per cent earlier this month and Carney, at the time, withheld matching that rate spike given talks are ongoing to get Canada out from under Trump's two leaders agreed at the G7 summit in Alberta this week to try and reach some sort of trade deal within 30 days. With today's announcement, Carney is signalling he's willing to go higher with Canada's retaliatory tariffs if a deal doesn't come together. The Canadian tariffs on U.S. steel and aluminum imports will be set at a rate that's "consistent with the progress that's made," Carney said. "We will review our response as the negotiations progress." Asked by a reporter if he's willing to accept any U.S. tariffs on Canadian goods — Trump reiterated again this week he's a "tariffs person" and didn't seem willing to budge — Carney said the government's position is that Trump should do away with all of his "unjust" trade actions and that's the starting point of these negotiations. Foreign steel quota coming Carney said he's establishing a new "tariff rate quota," as it's called in trade parlance, which means some foreign steel imports will be allowed but anything above that limit will be hit with a high tariff, making them more expensive. The purpose of this measure is to make Canadian steel more competitive and prop up an industry that has lost a lot of its U.S. business amid Trump's punishing tariffs. The program is designed to induce Canadian companies to use domestic steel by making foreign imports price prohibitive. "We must reinforce our strength at home and safeguard Canadian workers and businesses from the unjust U.S. tariffs that exist at present," Carney told reporters on Parliament Hill. WATCH | 'I'm a tariff person,' Trump says at G7 meeting with Carney: Carney said the government is considering additional tariff measures in the coming days to keep more foreign steel out and address what he called "persistent global overcapacity and unfair trade." That's in response to industry demands that the federal government tamp down on foreign companies dumping cheap steel in Canada, hurting local suppliers — a phenomenon the sector says has only gotten worse since Trump levied global tariffs on the metal. Carney said the government's push to get major infrastructure and natural resources projects built quickly will also help the struggling steel sector. A pending government bill before Parliament, C-5, would give Carney's cabinet the ability to fast-track approvals for "nation-building" projects, many of which would require huge quantities of steel and aluminum during construction. "We, as Canadians, can give ourselves far more than the Americans can ever take away. Steel and aluminum workers are on the front lines of this trade war. These workers will help us build one, strong Canadian economy — the strongest economy in the G7," Carney said. The measures come "at the right time" and send "a strong signal towards focused and accelerated negotiations," said Jean Simard, president of the Aluminium Association of Canada, in a statement. He said that without a "positive" outcome by Carney's deadline, the industry will seek "agility and speed for government interventions."
South China Morning Post
13 hours ago
- Business
- South China Morning Post
Canada to ‘adjust' counter-tariffs on US metals if no deal with Trump in 30 days
Canada will 'adjust' its 25 per cent counter-tariffs on US steel and aluminium in response to a doubling of US levies if a bilateral trade deal is not reached within 30 days, Prime Minister Mark Carney said on Thursday. Advertisement 'Canada will adjust its existing counter-tariffs on US steel and aluminium products on the 21st of July, at the end of that 30-day period,' he said. Carney also announced a raft of measures to support the Canadian steel and aluminium sectors facing 50 per cent US tariffs, including procurement rules that favour domestic suppliers and anti-dumping measures. Canada is the largest supplier of foreign steel and aluminium to the United States, and Carney earlier this month had denounced the doubling of US tariffs on Canadian imports of steel and aluminium, calling them 'unjustified' and 'illegal'. At the same time, Canada and the United States launched 'intensive discussions' to rewrite Canada-US trade relations. 01:44 China vows to take 'all necessary measures' after imposition of latest US tariffs China vows to take 'all necessary measures' after imposition of latest US tariffs G7 leaders at the Group of Seven summit in Canada on Monday pushed US President Donald Trump to back away from his punishing trade war.
CTV News
13 hours ago
- Business
- CTV News
Steel industry hopes to have ‘stabilized trading relationship' with potential U.S. trade deal
President and CEO of the Canadian Institute of Steel Construction Kevin Loomis says PM Carney shared 'encouraging words' during his announcement on steel tariffs.
Wall Street Journal
14 hours ago
- Business
- Wall Street Journal
Canada Imposes Import Curbs on Steel to Address Fallout From Trump Tariffs
OTTAWA—Canada unveiled on Thursday policies to support the domestic steel sector, including a curb on imports. The sector faces financial duress due to President Trump's hefty 50% tariffs on the metal. Prime Minister Mark Carney said the government would also consider higher tariffs on U.S. steel and aluminum depending on the progress made on a new economic-and-security deal between Ottawa and Washington. Carney and Trump agreed this week on a 30-day time frame to clinch a deal to resolve the current trade conflict between the countries.
