Canada Implements Tariff Rate Quotas on Steel Imports

In a strategic move to reinforce its domestic steel industry, Canada has declared the implementation of tariff rate quotas on imports of steel mill products. These quotas apply primarily to countries that do not share a free trade agreement with Canada, coming into effect on June 27.

The newly announced measures are part of a national effort to support Canadian steel producers and workers, amidst growing global competition in the steel market. This policy intervention is expected to help maintain stable production levels within the country, securing additional jobs and economic benefits for the local industry.

The Ministry of Finance emphasized that the decision is pivotal for Canada's trade policy, ensuring that while domestic sectors gain protection, international trade relations are not significantly disrupted. For more details, interested parties can visit the official government source provided.

(With inputs from agencies.)