The Globe and Mail reports in its Tuesday, May 5, edition that the federal government is offering $1.5-billion in tariff relief after recent changes to protectionist U.S. levies.
A triple bylined item led by Steven Chase reports that Industry Minister Melanie Joly and Digital Innovation Minister Evan Solomon announced a new $1-billion program from the Business Development Bank of Canada to provide no-interest and low-interest loans to manufacturers and exporters of products containing steel, aluminum or copper. Additionally, Ottawa is allocating $500-million through the Regional Tariff Response Initiative to support tariff-affected businesses across all sectors in Canada.
The ministers said the financing assistance is intended to provide "rapid liquidity to viable businesses facing significant economic challenges."
They cited changes to existing U.S. tariffs on steel, aluminum and copper on April 6 that forced Canadian manufacturers already struggling with rising costs and uncertain access to the American market to pay levies on the full value of a list of goods containing steel.
"We're in a trade war. We're on the front lines, and the goal is to protect workers and actually keep companies afloat," Ms. Joly said.
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