07:07 AM EDT, 07/17/2025 (MT Newswires) -- Prime Minister Mark Carney announced on Wednesday that Canada will put 50% tariffs on non-CUSMA steel imports above last year's levels, in a renewed effort to support the sector, noted Bank of Montreal (BMO).

Even before the United States' tariffs on steel and aluminum were doubled to 50% in early June, there were already some pretty serious signs of stress in the Canadian industry, said the bank.

Exports to the U.S. of these metals and related products fell heavily in April and May -- down 25% from average 2024 levels, and down 33% from March.

For perspective, these exports were a bit above $34 billion last year, or about 1.1% of gross domestic product, pointed out BMO. Imports from the U.S. of said goods were roughly half as large, and they too have been subject to tariffs, slicing into those volumes as well.

Along with autos and aluminum, the steel industry faces the greatest challenge in the trade battle with the U.S., and the force of Canada's announcement reflects that reality, stated the bank.