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(Bloomberg) — Prime Minister Mark Carney’s government unveiled measures worth C$1.5 billion ($1.1 billion) to help Canadian firms hurt by the Trump administration’s changes to US tariffs on imports containing steel, aluminum and copper.
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The change in early April put a 25% surcharge on the total value of products that contain these metals. Previously, the US applied a 50% tariff only to the actual metal content inside the products, but importers complained that regime was too complicated in practice.
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The change has been devastating to some Canadian businesses. Last month BRP Inc., which makes recreational vehicles such as Sea-Doo watercraft and Ski-Doo snowmobiles, withdrew its financial outlook for the 2027 fiscal year due to the tariff shift, which it expected would add C$500 million in costs.
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The Canadian support program, announced Monday by Industry Minister Melanie Joly, creates a C$1 billion program administered by the Business Development Bank of Canada to provide financing “at favorable terms” to help firms impacted by the tariff changes.
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“This new program aligns with the government’s priority to provide rapid liquidity to viable businesses facing significant economic challenges as a result of US steel, aluminum and copper tariffs,” Joly’s office said in a news release.
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“The government expects Canada’s financial institutions to continue to work with the businesses as we lean in collectively to support this sector.”
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The government is also adding C$500 million to an existing program called the Regional Tariff Response Initiative, which provides grants for smaller-sized manufacturing firms to help diversify their products and install new technology.
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The US and Canadian governments have not yet started formal talks on reviewing the United States-Canada-Mexico Agreement, which governs trade in North America. But Carney has said he’s optimistic about making progress on sectoral tariffs — such as the levies on metals — as part of broader trade discussions with the Trump administration.
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“We’re looking to negotiate something mutually agreeable, and there will be adjustments there,” Carney said in April.
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