US President Donald Trumpincreased price On steel and aluminum that enter his country, “will create massive disturbances and negative consequences,” warns the steel industry of Canada.
Trump said on Friday that he will double the price on steel and 50%aluminum imports.
Catherine Cobden, president and chief executive officer of the Canadian Steel Producers Association (CSPA), said that the steel industry in Canada and the United States was very integrated and that the prices would hit steel producers on both sides.
“Steel prices at this level will create mass disturbances and negative consequences in our highly integrated steel supply chains on both sides of the border,” Cobden said in a statement on Saturday.
The rate increase will take effect on Wednesday, Trump said in a Truth social position shortly after announcing the new rate for steel imports during a rally with sidepers in Pennsylvania.
“Our steel and aluminum industries come back like never before. This will still be another big shock of good news for our wonderful steel and aluminum workers,” wrote Trump.
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Cobden said that this decision “essentially closes the American market to our national industry for half of its production”.
“It is essential that the Government of Canada immediately responds to the resettlement of retaliation steel prices to correspond to American prices and the implementation as quickly as possible new prices at our own borders to prevent unjustly exchanged steel from the entry to Canada,” she said.
She said that a trade war between Canada and the United States would have “unrealizable consequences” on the North American steel industry.
“The new government has already consulted on new possible measures. The time for the Canadian government to act is now,” she said.
Trump announced increased steel tasks during a rally at US Steel’s my Valley Works – Irvin Factory near Pittsburgh on Friday evening, where he criticized countries for “spilling” their steel products “garbage” in the United States at a lower cost.
“We are going to bring it from 25% to 50% steel prices in the United States of America, which will still guarantee the steel industry in the United States,” Trump told the crowd.
“No one will get around this.”
In March, Trump put 25% of prices on steel and aluminum imports in the United States. The president said that his radical prices will bring manufacturing in the United States back to manufacture.
– with Sean Boynton Files of Global
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