OTTAWA — Industry Minister Mélanie Joly announced $1.5 billion in tariff relief Monday, aiming to support Canadian industries hit by expanded U.S. trade measures targeting steel, aluminum and copper.Joly announced the biggest portion of that spending will be tied to a $1 billion program with the Business Development Bank of Canada to provide financing to affected manufacturers.The program will offer low-interest loans of up to $50 million over three years to companies exporting products containing steel, aluminum and copper, The stated goal of providing what the ministers described as “rapid liquidity to viable businesses facing significant economic challenges.”“We are taking concrete action to strengthen Canada’s economy by standing behind our steel, aluminum and copper industries,” Joly said, adding the measures are intended to “protect workers and ensure companies have the tools and financing they need to keep operating, growing, and building Canada’s strength at home.”The announcement also includes an additional $500 million of funding to the existing Regional Tariff Response Initiative, expanding support to businesses across multiple sectors affected by the tariffs..The Regional Tariff Response Initiative is a program that provided $1 billion in multiple repayable and non-repayable payments to medium and small enterprises to adapt to trade disruptions. The measures come after the United States broadened its tariff regime in April, applying a 25% tariff to the full value of a wide range of imported “derivative” goods made from steel, aluminum and copper, significantly increasing costs for Canadian exporters.
