President-elect Biden is a win for the Canadian steel industry
News, Top news

President-elect Biden is a win for the Canadian steel industry

Members of the industry are hoping for greater change now that Joe Biden is president-elect

By Jessica Mazze

Video by Sam Fleming

A victory for president-elect Joe Biden is a victory for the Canadian steel industry. Members of the industry are feeling confident now that the Democrats are in power. 

Bill Hutton, chairman of the Toronto Steel Buyers and Associates, a non-profit organization that was founded in 1968. He believes that Biden winning is very promising for the industry. 

Bill Hutton Bill Hutton, chairman of the Toronto Steel Buyers an associates is positive that president-elect Joe Biden will change the Canadian steel industry

“When you look at president-elect Biden, I think there’s going to be a lot more rational decisions,” says Hutton. “I think he could be good for the entire steel industry.”

President Donald Trump’s term had caused major upheaval for the Canadian industry, leaving a lot of members concerned due to American tariffs on domestic steel imports.

Tariffs during Trump administration

Multimedia by Olivéa Folkes, text continues below

“It [American tariffs] certainly lowered our margins,” says Meredyth Welsman, a trade compliance manager at Samuel, Son & Co, which is a steel manufacturing company based in Mississauga, Ont. 

In June 2018, the U.S. government imposed a 25 per cent tariff on Canadian steel imports. The Canadian government retaliated and imposed tariffs to American steel, leading up to an eventual trade war between Canada and the U.S.

“It did put the company into a situation where they had to look at various sourcing, or rather creative sourcing,” says Welsman.

In May 2019, both sides dropped the tariffs on steel imports, but the threat of them returning is real as long as the Trump administration stays in power. 

Regardless of what Biden’s administration will establish, the Canadian steel industry is feeling  positive about the next four years.

November 20, 2020

About Author


Leave a Reply

Your email address will not be published. Required fields are marked *