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Algoma Steel Group Inc. chief executive Michael Garcia says 50-per-cent tariffs on Canadian steel imports could make the company’s U.S. business unviable. U.S. President Donald Trump on Friday said he intends to double tariffs on steel and aluminum to 50 per cent from 25 per cent, effective on Wednesday.
His original tariffs, which were put in place in March, were framed around the need to protect the country’s national security. Mr. Trump says the higher tariffs are now necessary to eliminate any threat of foreign steel making its way into the U.S. market. They apply to all its imports of the metals, not just those from Canada.
The existing U.S. tariff has already caused considerable damage to Algoma. The percentage of its revenue coming from the U.S. has fallen to 50 per cent from as high as 65 per cent. A doubling of the tariff may ground its U.S. business to a halt entirely, Mr. Garcia said in an interview on Monday.
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