HAMILTON, Canada
Prime Minister Mark Carney announced on Wednesday that Canada will change its trade rules and invest in domestic production to protect its steel industry, calling it a major shift away from relying on the US.
"Let’s be clear, Canada will be one of the countries most impacted by these developments," Carney said at a press conference, referring to US trade actions that are affecting global steel markets.
"Over time, we became too dependent on the US as our biggest customer, with more than 90% of our steel exports going south of the border," he added.
Saying that Canada will now prioritize using Canadian steel at home and strengthen local production, Carney announced changes to tariff rate quotas that will take effect by the end of July.
Canada will lower the quota for steel imports from non-free trade agreement (FTA) countries to 50% of 2024 volumes, with a 50% tariff on amounts above that. For FTA partners other than the US, the quota will remain at 100% of 2024 volumes, with a 50% tariff on excess.
While existing trade rules with the US will not change, Carney said Canada and the US are currently working towards an agreement and added: "We're working for the best deal for Canada. We have put in place a series of retaliations."
He also announced that Canada will apply a 25% tariff on all steel imports, including steel melted and poured in China.
To support the industry, Canada will provide $1 billion through the Strategic Innovation Fund for steel companies to grow local production, create jobs, and supply new markets.
"At this hinge moment in our history, Canada is shifting from reliance to resilience," Carney said, adding: "We're giving ourselves far more than any foreign government can ever take away."
Israeli attacks on Syria
In response to Anadolu's question on Canada's position on the latest Israeli attacks on Syrian territories, Carney reiterated Canada's support for Israel's safety but noted: "It is important that steps taken to support that (safety and security) respect the rights of others and the territorial integrity of neighboring nations."
Israel launched airstrikes Wednesday on Damascus, targeting Syria's Defense Ministry and areas near the presidential palace.
The strikes came as Israel resumed attacks in southern Syria's Suwayda province, warning it will continue unless Syrian forces withdraw.
The Syrian army had deployed troops to the area to restore order after clashes between armed Druze and Bedouin groups killed at least 30 people.
The Israeli army claims the operations are aimed at protecting the Druze minority.