Canada
August 22, 2026
Written by Michael Cowden
Trade talks between the US and Canada collapsed late on Friday, just hours after media reports that an accord was near.
The failure of the two countries to reach a deal means the US will impose 50% tariffs on a range of Canadian goods under Section 338 of the Tariff Act of 1930.
Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data.
Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.
The Canadian government has reportedly given Cleveland-Cliffs Inc. five days to respond to a letter from Canadian Industry Minister Mélanie Joly about the Stelco layoffs or face legal action.
SMU’s latest Flat-Rolled Steel Survey points to largely stable demand, but foreign steel orders have softened since the previous survey, and service centers continue to report stronger activity than manufacturers.
Members of the Global Forum on Steel Excess Capacity (GFSEC) met in Wisconsin last week and unveiled an updated plan to combat market-distorting excess capacity. The Milwaukee Framework adds color to the 2017 “Berlin Principles.” It is also a positive step in the ongoing battle against global steel market distortions. However, the Framework is only a guidepost. It must be implemented correctly to make an impact as new problems loom.