Canadian Prime Minister Mark Carney announced that he will raise import taxes on US steel and aluminum if trade talks are not concluded by July 21.
The move was taken to increase the competitiveness of local steel products in the face of pressure from US President Donald Trump's previous 50% tariffs.
According to an Anadolu Agency report, Carney said the federal government would implement a new program that includes a tariff rate quota system.
Furthermore, Carney also stressed the need to strengthen the domestic economy and protect Canadian workers and businesses from unfair tariffs imposed by the US.
He also discussed that the reciprocal tariffs on US steel and aluminum remain flexible and can be adjusted up or down according to the progress of negotiations between the two countries.
He said this during a press conference held in Ottawa.
Carney and Trump reached an agreement during the G7 Summit this week to complete a trade agreement within 30 days.