Canada intends to impose import restrictions on seven types of steel

On August 14, local time, the Canadian government said that in order to protect Canadian domestic steel producers from the impact of cheap imported steel products, emergency protection measures are being considered to impose quota restrictions or impose tariffs on seven types of steel.

It is understood that these seven types of steel include steel plates, concrete reinforcement, energy pipes, hot-rolled steel sheets, pre-coated steel sheets, stainless steel wires and wires.

Canadian Finance Minister Bill Mono said that the Canadian government will start a 15-day public consultation starting on August 14th, local time, and then  decide whether to implement relevant temporary trade safeguards for all Canadian trading partners.

Under the Canadian Tariff Act, while complying with international trade rules, the authorities have the right to activate emergency protection measures in special circumstances, that is, to impose additional tariffs or set import quotas before conducting relevant investigations.

Bill Mono said that a large number of steel products may flood into the Canadian market as the United States rejects overseas steel products with high tariffs. He also pointed out that the proposed protection measures are not specific to specific countries, but to specific product categories, with the aim of ensuring the stability of the local steel market.

It is reported that the Canadian government has never used the terms of emergency protection measures before.

On the same day, James Gordon Carr, Minister of International Trade and Trade of Canada, announced a public consultation on foreign investment promotion and protection agreements for two and a half months.

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