New tariffs on products like wires and fasteners are part of a larger push to limit imports, increasing demand for domestic steel producers. Prime Minister Mark Carney said Canada will also tamp down quotas for tariff-free steel imports from countries outside of the Canada-U.S.-Mexico trade region, as well as areas with which Canada has no free trade agreement. The government will also subsidize rail freight costs for shipping Canadian steel and lumber across provincial lines, and add $500 million each to two different programs that provide financing for struggling softwood lumber firms. (The Logic)

Talking point: The pressure on Ottawa to do more for tariff-exposed industries rose after Carney brushed off questions about his recent conversations with U.S. President Donald Trump, whose administration has imposed steep lumber and metal tariffs that have hit Canadian producers particularly hard. On Wednesday, Carney said he had spoken to Trump in the past 24 hours but did not elaborate.