Canada to extend US steel and aluminum tariff measures for one year

Canada will extend steel tariff-rate quotas and tariff relief on certain U.S. steel and aluminum imports by one year, Finance Minister François-Philippe Champagne said on Wednesday, citing the need to shield workers from global excess capacity and give industry longer-term certainty.

The extensions, subject to cabinet approval, would run to June 27 and June 30, 2027, respectively, with imports exceeding quota limits still facing a 50% tariff, the government said in a statement.

(Reporting by Ismail Shakil and Ryan Patrick Jones; Editing by Chris Reese)