During the Christmas holiday season, the Federal Government of
Canada quietly adjusted its trade policy QUITE significantly. A
significant development on this front is likely Canada's
enactment of the Steel Derivative Goods Surtax Order (the
"Steel Derivative Surtax") through an
Order in Council.
We report below on the application of the Steel Derivative
Surtax, and the particular goods targeted by these measures, and
potential financial relief that may be available for
businesses.
Steel Derivative Surtax
Unlike the
United States Surtax Order (Steel and Aluminum 2025),
which applies to steel goods of US Origin, the Steel Derivative
Surtax is a global trade measure that applies a 25% surtax to
imports from any country (with some exceptions covered below).