What impact would a new Canadian tariff on imported steel likely have?

Question

Quizplus · Accepted Answer

A new Canadian tariff on imported steel would likely result in tax revenue for the government as imported steel would become more expensive, and local Canadian steel producers would benefit from the increased demand for domestic steel. However, the cost of production for steel-using Canadian firms would likely increase due to the higher cost of imported steel. It is unlikely that this tariff would reduce the cost of producing steel in Canada or increase production for steel-using firms.

What Impact Would a New Canadian Tariff on Imported Steel