Canada Announces $1.5B Tariff Relief for Manufacturers

OTTAWA Canadian federal ministers announced $1.5 billion in new tariff relief measures on Monday to support manufacturers affected by expanded United States tariffs on steel, aluminum and copper products.

Industry Minister Mélanie Joly and Minister of Innovation, Science and Industry Evan Solomon unveiled the package at a news conference held at Les Ateliers BeauRoc, a dump truck manufacturing facility on the outskirts of Ottawa. The funding responds to a proclamation signed by U.S. President Donald Trump on April 2, which broadened the scope of section 232 tariffs to include copper derivatives and products containing these metals. The tariffs, now at 50 percent on Canadian steel, aluminum and certain copper goods, have increased costs for exporters, created complexity in customs assessments and led to production slowdowns and job losses, particularly in Ontario's manufacturing belt.

The relief is split into two components. The Business Development Bank of Canada will launch a $1 billion program offering three-year, low-interest loans ranging from $2 million to $50 million for affected businesses in the aluminum, steel and copper sectors. These loans feature zero interest in the...