The federal government has announced $500 million in loan guarantees to support the lumber sector which faces a 45% U.S. tariff, while also creating a new task force to explore long‑term growth opportunities in the industry. For the steel industry, Ottawa is sharply reducing import quotas for countries without free trade agreements, reducing allowable volumes to 20 per cent of last year’s levels, and lowering tariff‑free access for non‑CUSMA partners to 75% of 2024 levels. These restrictions are paired with a new global 25% tariff on selected steel derivative products to shift demand toward Canadian‑made steel.
The government is also taking steps to strengthen domestic competitiveness by halving freight rates for transporting Canadian steel across provinces through direct funding to national railways. Prime Minister Mark Carney emphasized that these measures exclude the United States and Mexico, signaling that they are not intended to hinder future trade negotiations. These initiatives come as Canada’s steel industry continues to absorb the effects of a 50 per cent U.S. tariff imposed in June, and as broader trade relations remain strained.
Please visit this news link for more information: https://globalnews.ca/news/11544975/carney-announces-supports-for-canadas-lumber-steel-sectors/
And this link from the Prime Minister of Canada site: Prime Minister Carney announces new measures to protect and transform Canada’s steel and lumber industries - https://www.pm.gc.ca/en/news/news-releases/2025/11/26/prime-minister-carney-announces-new-measures-protect-and-transform