Québec City, February 4, 2025 – The Québec Mining Association (QMA) welcomes the temporary suspension of 25% customs tariffs for the coming month, but calls on companies to remain vigilant. The threat of a 25% tariff on Canadian products remains in effect and imminent. This includes a tariff on products from the mining sector, except critical minerals which are subject to a reduced rate of 10%.
“Québec’s mining industry is pleased to note the suspension and glad to see that the discussion about customs tariffs will continue. However, caution is needed since the suspension is only temporary. Our industry will continue to work with governments and socio-economic stakeholders to anticipate all outcomes and will be ready, within 30 days, to react quickly if the tariffs are reinstated,” says Emmanuelle Toussaint, the QMA’s president and CEO.
Despite the temporary lifting of tariffs, the QMA will continue to work with its members to analyze the direct and indirect impacts on the mining sector. This will help identify possible solutions and strategies to ensure that companies remain competitive if the Trump administration decides to impose the tariffs. The QMA will also continue its discussions with governments, speaking for the mining industry on the issues raised by the imposition of tariffs by the US, with the goal of minimizing the impacts of any counter-measures imposed by Canada.
“The order signed by the US president on February 1 confirms the important role played by critical and strategic minerals in the North American economy. The order defines critical minerals as an energy resource and, as such, they are subject to a reduced rate of 10%, like other energy products. In addition, although the United States and Canada share a long-standing trade relationship, it cannot be taken for granted. The lesson we must draw from this conflict is that it is important to support mining companies and retain the agility needed to react to major economic and commercial changes,” Ms. Tousssaint adds.
It should be noted that in addition to extracting minerals, the mining industry supports a vast business ecosystem. A majority of its 3,847 suppliers in Québec are small and medium-sized companies. The mining sector as a whole provides 15,500 direct jobs and helps support over 51,000 direct, indirect and induced jobs throughout Québec. In 2022, the industry contributed over $12 billion to Québec’s gross domestic product.