New Illegal US Steel Protectionism Will Hurt Canada

The U.S. House of Representatives have passed a motion to favor the usage of domestic steel in public U.S. projects. This type of protectionism is set to cause serious harm to the Canadian Steel industry. Some estimates say this could cause a 40% decrease in Canadian jobs in the Steel industry.

Prime Minster Stephan Harper told Parliament this is a “serious matter, a serious concern to us. I spoke to our ambassador about it,” Canadian International Trade Minster Stockwell Day commented “the U.S. has very clear legal obligations under both [the] North American Free Trade Agreement and the World Trade Organization, and Canada expects the U.S. to live up to them.”

U.S. President Obama will make his first official foreign visit to Ottawa on Feb 19, 2009, where Canadian PM Stephan Harper should address this serious problem.

Canada has had similar problems with illegal U.S. policies concerning trade, such as with U.S. Canadian lumber disputes where international bodies have favored in Canada’s position.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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  • Joe

    Well, well. It was a matter of time. Many people knew that this was coming. After all Obama is a US president, not our Prime minister. I just hope that he will come to his senses.

  • Hercules K

    I agree, Joe. It’s a tuff one for Obama here, but he should do the right thing, everyone is being adversely affected by the financial crisis but that doesn’t mean the playing field should be altered.

    I also hope Prime Minister Harper will take a stronger stance with the US and do what is best for Canada.

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