Overview
- Import quotas are being cut to 20% of 2024 levels for countries without a free-trade deal and to 75% for partners other than the U.S. and Mexico.
- Steel shipped above the new caps will face a 50% surtax, and a global 25% tariff will hit derivatives such as wind towers, prefabricated buildings, fasteners and wires.
- Rail freight subsidies will halve interprovincial shipping costs for steel and lumber starting in early 2026 to reduce domestic delivery expenses.
- Ottawa is adding C$500 million in loan guarantees for softwood producers, expanding Buy Canadian rules for large federal contracts, and allocating C$100 million to bolster work-sharing.
- The government projects roughly C$850 million in new domestic demand for Canadian steel, and Carney says he is ready to re-engage with the U.S. during a Washington visit on Dec. 5.