On June 28th, Canada announced the implementation of tariff quotas on imports of steel products from non-free trade agreement partners, effective from June 27th local time. The Canadian government issued a statement saying, "Today, fiscal and national taxation...

On June 28th, Canada announced the implementation of tariff quotas on imports of steel products from non-free trade agreement partners, effective from June 27 local time. The Canadian government issued a statement saying, "Today, Minister of Finance and National Revenue Shang Pengfei announced the implementation of new tariff quota management for steel products imported into Canada from non-free trade agreement (FTA) countries. The quota is set at 2.60 million tons, and a 50% surcharge will be imposed on non-FTA partner countries' steel imports exceeding the 2024 import level. This measure is effective from June 27, 2025 and will be reviewed in 30 days." The statement also pointed out that this temporary trade measure is designed to address the risk of re-export trade caused by the global overcapacity caused by the comprehensive imposition of steel and aluminum tariffs and non-market actions by the United States, so as to stabilize the Canadian steel market.