{"id":623316,"date":"2026-05-04T17:49:12","date_gmt":"2026-05-04T17:49:12","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/623316\/"},"modified":"2026-05-04T17:49:12","modified_gmt":"2026-05-04T17:49:12","slug":"ottawa-offers-1-5-billion-in-tariff-relief-after-u-s-turns-up-pressure","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/623316\/","title":{"rendered":"Ottawa offers $1.5-billion in tariff relief after U.S. turns up pressure"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Sections of a dumpster are welded together on the assembly line of Les Ateliers Beau Roc in Vars, Ont., on Monday.Spencer Colby\/The Canadian Press<\/p>\n

The federal government is offering $1.5-billion in support to industries hit hard by protectionist U.S. tariffs, including the steel, aluminum and copper sectors.<\/p>\n

Industry Minister M\u00e9lanie Joly and Digital Innovation Minister Evan Solomon announced a new $1-billion Business Development Bank of Canada program to extend loans on \u201cfavourable terms\u201d to industries that manufacture and export products containing steel, aluminum or copper.<\/p>\n

They said the financing assistance is intended to provide \u201crapid liquidity to viable businesses facing significant economic challenges.\u201d<\/p>\n

The ministers cited changes to existing U.S. tariffs <\/a>on steel, aluminum and copper April 6 that significantly increased the pain on Canadian manufacturers already struggling with rising costs and uncertain access to the American market.<\/p>\n

\u201cWe are taking concrete action to strengthen Canada\u2019s economy by standing behind our steel, aluminum and copper industries,\u201d Ms. Joly said in a statement.<\/p>\n

Open this photo in gallery:<\/a><\/p>\n

Industry Minister M\u00e9lanie Joly speaks at Les Ateliers Beau Roc in Vars, Ont., on Monday.Spencer Colby\/The Canadian Press<\/p>\n

She said Ottawa believes the new measures will \u201cprotect workers and ensure companies have the tools and financing they need to keep operating, growing, and building Canada\u2019s strength at home.\u201d<\/p>\n

In April, the U.S. ratcheted up the pressure on Canadian industry by beginning to levy a 25-per-cent tariff on the entire value of imported \u201cderivative\u201d goods made of steel, aluminum and copper \u2013 a category that includes hundreds of products, from industrial equipment to household appliances. <\/p>\n

Previously, Washington had applied a 50-per-cent tariff to derivative goods, but only on the value of the metal inside the product, which often accounts for a small portion of the total value.<\/p>\n

As it announced this money, Ottawa called on banks to help.<\/p>\n

\u201cThe government expects Canada\u2019s financial institutions to continue to work with the businesses as we lean in collectively to support this sector,\u201d the ministers said in a statement. <\/p>\n

In addition, the government is providing an additional $500 million through its existing Regional Tariff Response Initiative to support tariff-affected businesses in all sectors of the Canadian economy.<\/p>\n

With reports from Mark Rendell<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Sections of a dumpster are welded together on the assembly line of Les…\n","protected":false},"author":2,"featured_media":623317,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101,24296,111],"class_list":["post-623316","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-noastack","tag-politics"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/623316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=623316"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/623316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/623317"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=623316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=623316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=623316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}