Features
Canada agrees to drop most retaliatory tariffs
Written by Laura Miller
August 26, 2025
Canada has agreed to drop some retaliatory tariffs on US products, effective Sept. 1.
Canadian Prime Minister Mark Carney stated at a news conference on Friday that Canada would eliminate tariffs on American-made goods to align with US tariff exemptions on products covered under the USMCA.
However, reciprocal tariffs on US steel, aluminum, and autos will remain in place.
The White House told BBC it welcomed the “long overdue” news and looks forward to continuing trade and national security talks.
Canadian steel producers weren’t as pleased, calling Carney’s announcement “a disappointment.”
“We appreciate the sentiment expressed by the Prime Minister that his focus is on finding a solution for the Section 232 impacted sectors, but we must see actions that meet the moment,” stated Catherine Cobden, president of the Canadian Steel Producers Association (CSPA).
“The fact is that a significant volume of steel is entering Canada from the United States without a tariff of any sort,” she continued, highlighting that 83% of all US steel imported into Canada could be manufactured in Canada. “But instead they get free access to the Canadian markets while our industry suffers.”
CSPA believes reciprocal tariffs provide necessary protection for Canadian industry during this trade war, and hopes the government can “get this right.”
Laura Miller
Read more from Laura MillerLatest in Features
AISI: Raw steel mill production ticks up
Domestic mill output increased last week, according to the latest data released by the American Iron and Steel Institute (AISI). Production remains historically strong, holding near multi-year highs since June.
Final Thoughts
The big show is here again. SMU Steel Summit begins on Monday. This year, like last year, more than 1,500 people will be joining us. And I couldn’t be more excited to have everyone here in Atlanta.
Price on trade: What a difference a year makes!
As everyone surely knows by now, the SMU Steel Summit starts on Monday in Atlanta, Ga. So, this is a great opportunity to reflect on how much has changed since the 2024 Summit. Certainly, no one could have imagined the wholesale and transformative changes to U.S. and global trade policy.
SMU Survey: Current Sentiment tumbles on tariffs, uncertainty, soft demand
SMU’s Steel Buyers’ Sentiment Indices moved in opposing directions this week. Our Current Steel Buyers’ Sentiment Index dropped to one of the lowest levels recorded in over five years, while Future Buyers’ Sentiment inched higher.