Canada has collected $839 million in steel and aluminum tariffs in the six months ending Dec. 31, according to Finance Canada. However, the retaliatory tariffs implemented in response to the US’ Section 232 tariffs will be dropped “30 seconds” after the US drops its own tariffs, Foreign Affairs Minister Chrystia Freeland said in an interview at the Davos Economic Forum.
The $839 million figure does not include the 25 percent “emergency safeguard” surtax on seven categories of steel imports from non-US countries, according to a CBC report.
Hearings concluding Thursday at the Canadian International Trade Tribunal to decide the merits of extending the safeguards beyond the 200-day period announced in October. Domestic steelmakers argued the safeguards were necessary to prevent a surge of foreign steel bypassing its usual market in the US. However, steel buyers and foreign suppliers argued there is no solid evidence that the imports represent an actual threat.
In June 2018, the Canadian government announced a $2 billion assistance package for the steel and aluminum sectors, but by December only a portion of the aid package had been allocated, the CBC report said.