The federal government is forking over $1.5 billion tariff relief for steel, aluminum and copper sectors.
Minister Melanie Joly made the announcement in Ontario Monday morning, following adjustments to tariffs on steel, aluminum and copper, April 6.
“We know we can’t control the White House,” says Joly. “But we can control what we’re doing here at home. So, in a moment like this we don’t just stand still, we act.”
One billion dollars will be provided through a new program Business Development Bank of Canada (BDC) program offering financing in “favorable terms”.
It means there will be three-year, low-interest loans of up to $500 million to businesses affected by tariffs.
Joly says there is zero interest the first year, then very low rates for the next couple years after that, with no repayment for the entire three years.
In addition, $500 million will be through the Regional Tariff Response Initiative (RTRI).
In a news release, Ottaway says they will continue to support other businesses impacted by tariffs such as the softwood lumber and forestry sector.
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