Industry, economists weigh in on lifting of tariffs on Canadian steel, aluminum

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TORONTO — The lifting of American tariffs on imported steel and aluminum from Canada is receiving a guarded welcome.

Economists say the lifting of the tariffs — which is expected to take place within two days of the announcement — will have minimal impact on the overall Canadian economy but will have a sizable impact on a few industries, such as the automotive sector.

Benjamin Tal and Katherine Judge of CIBC Capital Markets also say they expect Canadian exporters will face new complexity because of the need to track the origins of the steel and aluminum they use in their products.

Meanwhile, shares of Ontario-based Stelco Holdings Inc. got a boost in response to news of the agreement between Ottawa and Washington.

The Canadian steel producer’s shares were briefly above $17 for the first time since early April before moving lower later in the afternoon.

 

Companies in this story: (TSX:STLC)

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