Federal Industry Minister Mélanie Joly has revealed that financial assistance is on the way for the Canadian softwood lumber industry affected by tariffs.
According to the minister, the government plans to offer relief through financial aid channeled via banks, supported by the Business Development Bank of Canada, in the upcoming days.
Despite most of Canada’s trade with the U.S. being tariff-exempt under the Canada-U.S.-Mexico Agreement, President Donald Trump has imposed tariffs on sectors like steel, aluminum, auto, energy, and lumber.
Additionally, Prime Minister Mark Carney unveiled a $1.25 billion aid package in August to bolster the softwood lumber sector.
Joly emphasized that the funding aims to help businesses sustain themselves, including support for daily operations and investments in assets.
Individual companies will receive government funding based on their specific requirements.