The Canadian Steel Producers Association and the Aluminium Association of Canada has released a joint statement regarding the real impact and ongoing threat of imports from China as well as Chinese overcapacity in electric vehicle (EV) supply chains. The leaders of the associations pointed out that these sectors are two pillars of the country's economy, directly employing over 31,000 people and contributing over $27 billion. However, excess capacity flooding from China is threatening the domestic market, resulting in unfair trade. If the government fails to take action, Canada could become an access point to the North American market for steel as well as EVs.
Therefore, the associations call on the government to intervene swiftly and take a holistic approach to the situation by including these threatening inputs in a single tariff package, instead of traditional trade remedy actions or investigations, since Canada would fall far behind its trading partners, becoming highly vulnerable. Also, Canada should impose at least a 25 percent tariff on steel melted and poured in China entering the domestic market. Its trade partners, the US and Mexico, are aware of the gravity of situation, thus moving to take strict actions.
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Vietnam Steel by Hoa Sen Group
