OTTAWA, May 4 (Reuters) - The Canadian government announced on Monday a C$1 billion ($734.65 million) loan program for industries impacted by U.S. tariffs.
The program will be available to industries that manufacture and export products containing steel, aluminum or copper, Industry Minister Melanie Joly said.
The measure is part of the government's effort to bolster crucial manufacturing sectors after U.S. President Donald Trump imposed tariffs on imports of steel, aluminum, automotive, lumber and copper products.
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.
"The steel, aluminum and copper sectors are key," Joly said in a press conference in Ottawa. "They are key, obviously, to our economy, key to our manufacturing sector, but also key to our sovereignty," she said.
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 "favourable terms," she said.
The government also announced C$500 million in funding for regional development agencies to support all sectors affected by tariffs.
This funding is part of the government's Regional Tariff Response Initiative, which covers all tariff-hit sectors.
($1 = 1.3612 Canadian dollars)
https://www.reuters.com/business/canada-unveils-c1-billion-dollar-loan-program-tariff-impacted-industries-2026-05-04/
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