Canada tightens steel import tariffs, slashing tariff-free access by 50%. New measures aim to boost domestic production and counter US and China impacts.

Canada introduced limits on how much foreign steel produced in countries other than the U.S. and Mexico can be imported to help a domestic sector reeling from President Trump’s tariffs.

Tariffs—taxes placed on imported goods—are one of the oldest tools in the United States' economic policy arsenal, dating back to the 18th century. Recently they've returned to the spotlight in a big way.

Prime Minister Mark Carney on Wednesday said Canada will introduce a tariff rate quota for countries with which it has free trade agreements, excluding the United States, to protect the domestic steel industry.

Canada’s steel industry fears that Chinese steel facing steep tariffs in the United States will be sent north and overwhelm the Canadian market.

The Canadian prime minister said it may not be possible to escape U.S. tariffs even with a bilateral agreement to resolve the current tariff row.

An Indian trade delegation has also reached Washington for fresh talks on a trade deal with the United States.

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