OTTAWA — The federal government is imposing a 25 per cent surtax on some foreign steel products in a bid to buttress Canadian manufacturers and head off dumping.
Ottawa says “excessive imports” are harming the steel industry, prompting a surtax on seven products that range from rebar to wire rods.
The Finance Department says the surtax, which begins Oct. 25, will be in place for 200 days, pending an inquiry by the Canadian International Trade Tribunal into whether longer-lasting safeguards are necessary.
The announcement comes more than three months after Canada imposed tariffs on $16.6 billion worth of American goods in retaliation for hefty U.S. tariffs on Canadian steel and aluminum.
The government also announced Thursday that some Canadian manufacturers can now import those products from the U.S. without paying the surtaxes that have applied since July 1.
The exemption applies on a case-by-case basis to companies that applied for it, and pertains to American steel, aluminum and certain other products.
The Canadian Press