Overview
- Canada introduced a $1.5 billion support package Monday after recent U.S. tariff changes raised costs for exporters of goods that use steel, aluminum and copper.
- The plan splits into a $1 billion loan program through the federal Business Development Bank of Canada and a $500 million boost to an existing regional fund that helps tariff-hit firms, with ministers also urging banks to cooperate.
- Loans will range from about $2 million to $50 million, charge no interest in the first year, require only interest payments in years two and three, and delay principal repayment until after three years.
- The relief follows early April moves by the U.S. that broadened tariff coverage to more “derivative” products and changed how duties are calculated, creating higher bills and confusion for customs brokers and small exporters.
- Industry voices report slower production and shop-floor job losses down the supply chain, while the government says it will keep consulting sectors like forestry and support companies that try to pivot to new markets.