Key Takeaways

• A single line in the January tariff announcement points at a rate that is already in force, and how that contradiction resolves determines cost exposure on every Canadian-sourced program running into next year.
• The largest foreign supplier of steel to the United States has lost close to half its volume in twelve months, and a second country now sits within striking distance of the top position.
• One date on the near calendar, rather than the January headline, carries the more immediate commercial risk for domestic mills selling north.

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