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Federal government announces new $1B loan program for steel, aluminum businesses hit by Trump tariffs
The package includes $1 billion in low-interest BDC loans and a $500 million tariff response top-up for firms seeking new markets.
- On Monday, Industry Minister Mélanie Joly and Digital Innovation Minister Evan Solomon announced $1.5 billion in federal tariff relief to support Canadian businesses struggling with protectionist United States trade policies.
- The United States escalated pressure last month by levying a 25 per cent tariff on the entire value of imported "derivative" goods made of steel, aluminum, and copper, complicating manufacturing costs for Canadian firms.
- This package includes a $1 billion Business Development Bank program offering low-interest loans on "favourable terms," alongside a $500 million top-up for the Regional Tariff Response Initiative to assist affected manufacturers.
- Joly said the funding aims to "protect workers and ensure companies have the tools and financing they need to keep operating," while urging financial institutions to continue supporting these viable businesses.
- Ottawa is pursuing a broader medium-term strategy to help exporters adapt to changing trade conditions and move into new markets, extending beyond immediate liquidity support for these industries.
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Sask Today+12 Reposted by 12 other sources
Joly unveils $1.5 billion in tariff relief after Trump ratchets up trade war
Cambridge Times+2 Reposted by 2 other sources
Steelworkers welcome federal financing announcement, call for complementary measures to protect jobs
TORONTO, May 04, 2026 (GLOBE NEWSWIRE) -- United Steelworkers union (USW) National Director Marty Warren issued the following statement in response to the federal government’s announcement of new financing for tariff-impacted businesses:
·Cambridge, Canada
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Ottawa gives billion-dollar lifeline to steel and aluminum sectors as Trump tightens tariffs
The federal government announced on Monday another package to prop up the hard-hit steel, aluminum and copper sectors after U.S. President Donald Trump tightened his tariff regime to apply to more products, hammering Canadian industry.
·Canada
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Coverage Details
Total News Sources49
Leaning Left20Leaning Right4Center7Last UpdatedBias Distribution64% Left
Bias Distribution
- 64% of the sources lean Left
64% Left
L 64%
C 23%
13%
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