Canada’s government has moved quickly to protect and strengthen the sectors most affected by U.S. tariffs – introducing new measures to help workers gain new skills, support businesses as they modernise and diversify, and boost domestic demand for Canadian goods. Building on previously announced measures to help transform the Canadian steel and softwood lumber industries, the following new initiatives were announced:
- Further limit foreign steel imports
- Make it easier to build with Canadian steel and Canadian lumber
- Canada will work with railway companies to cut freight rates for transporting Canadian steel and lumber interprovincially by 50%.
- To maximise the use of Canadian softwood lumber in housing, Build Canada Homes will prioritise shovel-ready, multi-year projects.
- Canada will implement our Buy Canadian Policy later this year, which requires that all contracts worth over $25 million prioritise Canadian materials – including steel and lumber.
- Increase protections for Canadian steel and lumber workers and businesses
- Canada will earmark more than $100 million to provide support in all sectors with an active Work-Sharing agreement.
- Canada will provide an additional $500 million to the BDC Softwood Lumber Guarantee Program.
- For softwood lumber firms facing liquidity pressures, Canada will earmark $500 million under the Large Enterprise Tariff Loan facility.
- Canada will launch a Canadian Forest Sector Transformation Task Force.