{"id":432896,"date":"2026-05-05T05:11:26","date_gmt":"2026-05-05T05:11:26","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/432896\/"},"modified":"2026-05-05T05:11:26","modified_gmt":"2026-05-05T05:11:26","slug":"canada-on-front-lines-of-trade-war-as-joly-unveils-1-5b-tariff-support-plan-national","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/432896\/","title":{"rendered":"Canada on \u2018front lines\u2019 of trade war as Joly unveils $1.5B tariff support plan – National"},"content":{"rendered":"

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The federal government is rolling out a series of fresh relief measures worth $1.5 billion for Canada\u2019s tariff-hit steel, aluminum and copper tariffs<\/a>, ministers Melanie Joly<\/a> and Evan Solomon<\/a> said on Monday.<\/p>\n

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The U.S. currently imposes a 50 per cent tariff on Canadian steel and aluminum, along with a 50 per cent tariff on certain copper products from Canada.<\/p>\n

\u201cWe\u2019re in a trade war, we\u2019re on the front lines and the goal is to protect workers and actually keep companies,\u201d Industry Minister Joly said.<\/p>\n

Monday\u2019s relief package will be broken up into two parts, the first one being $1 billion in loans by the Business Development Bank of Canada (BDC).<\/p>\n

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The loans will range anywhere between $2 million and $50 million, Joly said.<\/p>\n

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The first year of the loan has an interest rate of zero, followed by \u201cvery low\u201d interest rates for the second and third years, she added.<\/p>\n

\u201cThere will be no repayment for the entire three years, only actually interest to be paid on these loans. And at the end of the three years, repayment will be asked,\u201d Joly said.<\/p>\n

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tU.S. tariffs squeeze Canadian businesses as Ottawa offers aid\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

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The second part of Monday\u2019s package will be an additional $500 million in funding through the Regional Tariff Response Initiative, AI and Digital Innovation Minister Solomon said.<\/p>\n

The funding is intended to encourage small and medium enterprises \u201cto make strategic pivots, improve productivity, diversify markets and stay competitive,\u201d Solomon said.<\/p>\n

The Regional Tariff Response Initiative is a Canadian government fund launched to shelter Canadian businesses from the worst impacts of U.S. President Donald Trump\u2019s tariffs.<\/p>\n

\n\t\t&copy 2026 Global News, a division of Corus Entertainment Inc.\t<\/p>\n","protected":false},"excerpt":{"rendered":"Descrease article font size Increase article font size The federal government is rolling out a series of fresh…\n","protected":false},"author":2,"featured_media":432897,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,289,3156,113,189001,61,60,189002,189003],"class_list":["post-432896","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-canada","tag-donald-trump-tariffs","tag-economy","tag-evan-solomon","tag-ie","tag-ireland","tag-melanie-joly","tag-steel-and-aluminum-tariffs"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/432896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=432896"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/432896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/432897"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=432896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=432896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=432896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}