Prime Minister Mark Carney is set to unveil new measures to support Canada’s struggling lumber and steel industries, which have been hit hard by the ongoing trade war with the United States. His plan includes an additional $500 million for the Softwood Lumber Development Program, raising the total available funding to $1.2 billion. This money will provide government-backed loans to help softwood producers, particularly in British Columbia and the Maritimes, who have been burdened by U.S. tariffs and duties reaching up to 45 per cent.
On the steel side, Ottawa will tighten restrictions on imports from countries without free trade agreements, reducing quotas from 50 per cent to 20 per cent of 2024 levels, a move aimed largely at curbing Chinese steel. While quotas for free trade partners will also be lowered, the specifics remain unclear. In addition, the federal government will subsidize domestic transportation costs by covering half the expense of moving Canadian steel and lumber within the country, directly paying freight companies to ease the burden on producers.
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