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Prime Minister Mark Carney visited New York in September and gave

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a speech outlining how Canada can survive this changing world.

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The trade war with the United States is bringing big adjustments to big sectors, he said.

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And he cited steel as his first example.

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Today, it's pretty clear steel is at or at least

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very near the center of a lot of global trade tensions.

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This is easy to forget because most of us aren't buying

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raw steel on any kind of regular basis.

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But go back to October 2024.

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Canada announced a 100% tariffs on Chinese made electric vehicles.

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What's almost a footnote to that announcement is Chinese steel also faced 25% tariffs.

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Since then, tariffs have only escalated around the world.

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In March, US President Donald Trump put 25% tariffs on foreign steel.

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Canada retaliates with 25% tariffs on US steel.

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Now there's some debate about loopholes and

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whether the Canadian tariffs should be stronger or not.

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But there's no question steel remains front and center because in June

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Trump returns and he increases tariffs on steel from all countries to 50%.

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That same month, Canada comes out and announces new quotas on steel imports.

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And then one month later,

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again in July, it tightened those quotas,

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saying countries that lack a free trade agreement can only

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bring in half of the steel they sent to Canada in 2024.

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Above that 50% duties kicked in.

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This week, there have been reports that the European Union may put 50% tariffs on steel.

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This all speaks to how essential steel is to the modern economy and to national security.

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China has been sending more and more steel into the country.

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It's doubled its exports since 2020,

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and last year it exported more steel than Canada,

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the US and Mexico produced on a combined basis.

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Going back to Carney's speech in New York,

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he said the great power rivalry is intensifying meaning between the US and China,

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and it's fair to say that tensions from that rivalry are

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spilling over into the steel sector and changing trading patterns.