Carney to announce new supports today for steel industry hammered by U.S. tariffs

By Canadian Press on November 26, 2025.

OTTAWA — Prime Minister Mark Carney is set to announce new measures today to help Canada’s steel sector, a government official told The Canadian Press.

Ottawa plans to limit foreign steel imports and cut interprovincial rail freight rates in a bid to support Canada’s steel industry threatened by damaging U.S. tariffs.

Steel imports from countries where Canada does not have a free-trade agreement will be lowered from 50 per cent to 20 per cent of 2024 levels.

The government also plans to work with CN Rail to cut freight rates by 50 per cent when shipping steel interprovincially.

The official said Ottawa will subsidize the difference if CN can’t oblige a lower rate.

The moves come as the steel industry continues to be hammered after U.S. President Donald Trump levied 50 per cent tariffs on Canadian steel in June.

This report by The Canadian Press was first published Nov. 26, 2025.

Nick Murray, The Canadian Press