Canadian steel producers and softwood lumber companies hit by U.S. tariffs are set to get federal support. Sources tell CTV News that Prime Minister Mark Carney will announce measures on Wednesday to help these industries.
Steel imports from countries without free trade agreements will be cut from 50% to 20%, potentially freeing up $854 million in market space for Canadian producers. The government will also cut shipping costs by 50% for moving steel within Canada, working with CN Railway to lower freight fees. Additional financial support for steel companies and workers is expected.
For the lumber sector, funding under the Softwood Lumber Development Program will increase to $1.2 billion, up from $700 million, giving companies access to more government-backed loans. U.S. imposes tariffs on Canadian softwood lumber imports.. have risen to 45%, higher than those on Russian timber.
Trade talks with the U.S. are currently paused, but premiers from B.C. and Saskatchewan have met U.S. officials to discuss a way forward. Carney acknowledged past comments about the trade talks were poorly phrased, stressing his government’s commitment to jobs and new trade deals.
(Source: CTV News)
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