The Canadian government has announced a $1.5 billion tariff support package aimed at helping businesses impacted by US tariffs on products containing steel, aluminum and copper.
The package includes:
- $1 billion financing program through the Business Development Bank of Canada (BDC)
- $500 million additional funding for the Regional Tariff Response Initiative
According to the government, the measures are designed to help companies manage immediate tariff-related financial pressures while supporting long-term transformation and market diversification.
The new BDC financing program will offer businesses access to favorable financing conditions and liquidity support, particularly for firms facing operational challenges linked to US trade measures.
Meanwhile, the additional regional funding will support small and medium-sized enterprises seeking to improve productivity, diversify markets, and strengthen competitiveness.
Canada also reaffirmed broader trade defense measures already in place, including:
- 25% tariffs on US steel imports worth $12.6 billion
- 25% tariffs on US aluminum imports worth $3 billion
- A $5 billion Strategic Response Fund for tariff-affected sectors
The government stated that support measures will continue for other industries impacted by tariffs, including the forestry and softwood lumber sectors.
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