The Canadian government announced on Monday a C$1 billion ($734.65 million) loan program for industries impacted by US tariffs.<\/p>\n
The program will be available to industries that manufacture and export products containing steel, aluminum or copper, Industry Minister Melanie Joly said.<\/p>\n
The measure is part of the government\u2019s effort to bolster crucial manufacturing sectors after US President Donald Trump imposed tariffs on imports of steel, aluminum, automotive, lumber and copper products.<\/p>\n
Canada had previously offered a C$5 billion tariff response fund, a re-skilling program for workers, prioritization of the use of local steel and aluminum, and low freight rates on transportation of steel and lumber within the country among other measures.<\/p>\n
\u201cThe steel, aluminum and copper sectors are key,\u201d Joly said in a press conference in Ottawa. \u201cThey are key, obviously, to our economy, key to our manufacturing sector, but also key to our sovereignty,\u201d she said.<\/p>\n
The Business Development Bank of Canada will disburse the loans in amounts of C$2 million to C$5 million over a three-year period at \u201cfavourable terms,\u201d she said.<\/p>\n
The government also announced C$500 million in funding for regional development agencies to support all sectors affected by tariffs.<\/p>\n
This funding is part of the government\u2019s Regional Tariff Response Initiative, which covers all tariff-hit sectors.<\/p>\n
($1 = 1.3612 Canadian dollars)<\/p>\n
(By Promit Mukherjee; Editing by Caroline Stauffer and Paul Simao)<\/p>\n
Disclaimer:\u00a0The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and\/ or damages arising from the use of this publication.<\/p>\n","protected":false},"excerpt":{"rendered":"The Canadian government announced on Monday a C$1 billion ($734.65 million) loan program for industries impacted by US…\n","protected":false},"author":2,"featured_media":31646,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6244,6232,17,6237,6239,6231,6242,6235,6233,6236,381,1632,6243,6234,6223,6245,6228,6246,6230,6225,6226,6224,6227,113,6229,6241,6247,1633,6240,6238],"class_list":{"0":"post-31645","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-canada","8":"tag-bank-forecasts","9":"tag-bitcoin-news","10":"tag-canada","11":"tag-central-banks","12":"tag-charts","13":"tag-crypto-news","14":"tag-currency","15":"tag-economic-reports","16":"tag-ethereum-news","17":"tag-forecasts","18":"tag-global-economy","19":"tag-gold","20":"tag-international-policy","21":"tag-interviews","22":"tag-kitco-news","23":"tag-market-nugget","24":"tag-metals","25":"tag-mining-minutes","26":"tag-mining-news","27":"tag-palladium","28":"tag-pgm","29":"tag-platinum","30":"tag-platinum-group-metals","31":"tag-politics","32":"tag-precious-metals","33":"tag-rare-earth-metals","34":"tag-roundups","35":"tag-silver","36":"tag-tech-metals","37":"tag-us-dollar"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/31645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/comments?post=31645"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/posts\/31645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media\/31646"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/media?parent=31645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/categories?post=31645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/canada\/wp-json\/wp\/v2\/tags?post=31645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}