Japan plans to impose provisional anti-dumping duties from July on nickel-based cold-rolled stainless steel sheets and coils from Chinese Taiwan, Chinese Taiwan's Ministry of Economic Affairs stated on June 22 that overall export damage is limited: China Steel Corporation does not produce the investigated products; leading exporter Yusco secured the lowest rate of 3.86%, preserving its competitive position; and Walsin Lihwa primarily exports non-investigated products to Japan. Domestic mills note that Japan represents a minor share of Chinese Taiwan's total stainless steel exports. Government officials have pledged to maintain dialogue with Japanese counterparts and support local industries in adopting AI and low-carbon technologies.

Marking the one-year anniversary of the US imposing a 50% Section 232 tariff on Canadian steel, the Canadian Steel Producers Association (CSPA) is urging the removal of the measure ahead of the US-Mexico-Canada Agreement (USMCA) review period beginning July 1, 2026. Prior to the trade conflict, Canada was the largest supplier of steel to the US, but shipments have plummeted by 60% in 2025 as a result of the tariffs. With Canada having already adopted strict trade policies to block global overcapacity from China, the CSPA argues the tariffs are unjustified and disruptive to the integrated North American supply chain, pushing for a collaborative "Fortress North America" approach instead.

Quebec aluminum smelters are continuing to operate at around 95% capacity with no reported layoffs despite higher US import tariffs. According to the Aluminum Association of Canada, the Trump administration’s decision to raise aluminum and steel tariffs from 25% to 50% initially resulted in losses of approximately USD600 million for Quebec producers after US customers resisted absorbing the additional costs. However, market conditions have since stabilized as aluminum originally destined for Europe was redirected to the US market to benefit from higher prices. Industry participants noted that global aluminum prices continue to rise, with further upside risks linked to ongoing geopolitical tensions in the Middle East, particularly the Iran crisis.

【SMM Steel】Mexico has formally requested the elimination of Section 232 steel and aluminum tariffs during USMCA review talks. Economy Minister Marcelo Ebrard stated the 50% rate is “unacceptable and lacks justification” following May 27-29 discussions with USTR. Mexico also advocates a regional approach for the auto industry given North America's deep production integration and existing rules of origin. Additional negotiation rounds are scheduled for June and July. Mexico emphasizes that removing trade barriers is essential to restore North American manufacturing competitiveness against Asian markets.

The Canadian government has extended its critical metal tariff measures for one year, valid until June 27, 2027, to protect domestic producers from global excess capacity. Under the extended policy, non-CUSMA (Canada-United States-Mexico Agreement) steel imports exceeding set quotas will face a steep 50% tariff. The tariff-rate quota limits remain strictly capped at 20% of 2024 import volumes for non-free trade agreement (FTA) partners and 75% for FTA partners, while the US and Mexico maintain their exemptions. By locking in these stringent quota limits, Canada aims to prevent trade diversion and provide long-term predictability for local steel operations. However, this extension could constrain supply availability for Canadian downstream manufacturers reliant on offshore steel, potentially driving up domestic premium prices in the medium term.

Mexico is formally seeking the removal of US Section 232 tariffs on steel and aluminum — currently set at 50% — as part of ongoing USMCA review negotiations. Mexico's Economy Minister Marcelo Ebrard described the 50% rate as unacceptable and without justification, following May 27-29 talks between Mexico's Ministry of Economy and the US Trade Representative. Mexico is also advocating for a regional approach to the automotive sector, citing deep North American production integration and existing USMCA rules of origin. Additional rounds of negotiations are scheduled for June and July. Separately, Mexico has already mandated that federal construction projects use only domestically produced steel.

Fresh USMCA talks are set to begin as tariffs on aluminum, steel and automobiles continue to create uncertainty across North America. The US currently maintains 50% tariffs on Canadian aluminum and steel imports, while Canada has imposed retaliatory tariffs on US vehicles and about CAD 15.6 billion worth of US steel and aluminum products. Industry groups said the tariffs are increasing costs throughout the integrated North American manufacturing supply chain and affecting investment and hiring decisions. At the same time, the US administration is seeking stricter rules of origin to increase North American manufacturing content. Markets remain concerned that ongoing tariff uncertainty could further disrupt regional aluminum supply chains.

[SMM Steel] The American Iron and Steel Institute (AISI) urged the USTR to impose cumulative tariffs under the Section 301 investigation targeting economies linked to global steel overcapacity. AISI highlighted record Chinese steel exports of 131 million mt in 2025 and rising shipments from India, Indonesia, South Korea, Japan, and Mexico. The institute argued that subsidized exports and redirected trade flows are pressuring the US steel market. If approved, additional Section 301 tariffs could be added on top of existing Section 232 duties, potentially lifting total US steel tariffs on some countries to 60-75%.

The UK plans to impose 50% steel tariffs and a 60% quota cut starting July 2026, potentially driving prices above €1,000/ton, causing the highest in Europe. Similarly, EU steel prices have risen 20% since October 2025, with a 34% total surge expected by mid-2026 due to new safeguards and CBAM. In stark contrast, the Indian Ministry of Steel issued a decree on April 27, 2026, exempting MSMEs from QCO compliance for specific stainless steel imports until October 2026. While Europe faces criticism for strangling its manufacturing backbone with bureaucracy and duties, India is moving to de-bureaucratize and support its smaller industrial players.

[SMM Steel] The European Union is considering raising out-of-quota steel tariffs to 50% while cutting duty-free quotas to 18.3 million mt, with potential implementation from July 1, 2026. In the short term, this may reduce export volumes and increase costs for Vietnamese shipments, as the EU accounts for over 20% of Vietnam’s steel exports (~$1.4 billion in 2025). The tighter regime is likely to weaken competitiveness and force exporters to redirect cargoes to other markets.