Canada could offer firms relief from tariffs on imported China steel, aluminum

Canada could offer firms some relief from a 25 per centsurtax that is due to be imposed later this month on imports of Chinese steel and aluminum, Finance Minister Chrystia Freeland said on Tuesday.

Canada announced the measures in late August, citing China's intentional, state-directed policy of over-capacity.

Freeland said Ottawa had heard concerns from some stakeholders about their ability to adjust supply chains before the measures come into effect on Oct 22.

"The government intends to implement a framework to consider requests for tariff relief. Potential factors that may be included in the framework are situations of short supply and other exceptional circumstances," she said.

Further details of how the framework will work would be released later, she added.

Separately,Canada will reduce credit card transaction fees for small businesses by up to 27 per centstarting on Oct. 19, Freeland said in a statement on Tuesday.

The cut could save eligible businesses over $1 billion over five years, she said.