Ottawa announces help for businesses hurt by U.S. tariffs
Government to provide 6-month tariff relief for some goods imported from U.S.
Federal Finance Minister François-Philippe Champagne has announced help for Canadian businesses affected by the trade dispute with the U.S., giving them time to adjust their supply chains.
The minister says the government intends to provide temporary six-month tariff relief for goods imported from the U.S. that are used in Canadian manufacturing, processing, and food and beverage packaging.
The temporary exemption will also apply to goods used to support public health, health care, public safety and national security objectives.
Under the plan, automakers that continue to manufacture vehicles in Canada will also be allowed to import a certain number of U.S.-assembled, CUSMA-compliant vehicles into Canada, free of the countermeasure tariffs that Canada has imposed.
The number of tariff-free vehicles a company is permitted to import will be reduced if there are reductions in Canadian production or investment.
Champagne also announced the large enterprise tariff loan facility, which was announced in March, is now accepting applications.