Federal Industry Minister Mélanie Joly says financial relief is coming soon for Canada’s tariff-struck softwood lumber sector.
The minister says the government will provide funding through banks, backstopped by the Business Development Bank of Canada, in the “coming days.”
While the vast majority of Canadian trade with the U.S. is exempted from tariffs because of the Canada-U.S.-Mexico Agreement, U.S. President Donald Trump has targeted the steel, aluminum, auto, energy and lumber sectors with duties.
In August, Prime Minister Mark Carney announced a $1.25 billion aid package to support the softwood lumber sector.
Joly says the funding will go toward ensuring businesses stay afloat, adding the government also will offer support for operations and capital expenditures.
The minister says the government funding will be provided based on individual companies’ needs.
