Canada Announces Steel, Lumber Support Amid US Tariffs

OTTAWA, Canada — Prime Minister Mark Carney announced a series of new measures Wednesday to bolster Canada's steel and softwood lumber industries, which have been severely impacted by United States tariffs, as the government seeks to reduce dependence on American exports and foster domestic resilience.

Speaking to reporters in the House of Commons foyer, Carney described the initiatives as a response to shifting global trade dynamics. "We know the world's changing," he said. "This decades-long process of our ever-closer economic relationship between Canada and the United States has ended, and a consequence of that, many of our strengths have become vulnerabilities." He estimated that U.S. tariffs and related uncertainty could cost the Canadian economy 1.8 percent of gross domestic product, equivalent to about 50 billion Canadian dollars, or roughly 1,300 dollars per person.

The steel and lumber sectors, which contribute over 4 billion dollars to Canada's GDP and employ more than 23,000 people directly, have become almost entirely reliant on the U.S. market. More than 75 percent of Canada's overall exports head south of the border, including 90 percent of lumber, steel and...