The measures include the remission of some of the countermeasure tariffs announced by Canada in response to ‘unjustified’ US tariffs on products imported from Canada.
The minister announced that the government intends to provide temporary six-month relief for goods imported from the United States that are used in Canadian manufacturing, processing and food and beverage packaging, and for those used to support public health, health care, public safety and national security objectives.
Canada recently announced new measures for domestic businesses and entities hit by its tariff dispute with the US.
The steps include the remission of some of the countermeasure tariffs announced by Canada in response to ‘unjustified’ US tariffs on Canadian products.
In the weeks and months ahead, additional measures will be brought forward, as needed, to support businesses and workers.
This provides immediate relief to a broad cross-section of Canadian businesses that must rely on US inputs to support their competitiveness, an official release said. The remission is provided on a time-limited basis to provide businesses and entities with additional time to adjust their supply chains and prioritise domestic sources of supply, if available.
The new Large Enterprise Tariff Loan Facility (LETL), announced by the Canadian Prime Minister in March, is now accepting applicants. This programme will support eligible large businesses—including those that contribute to Canada’s food, energy, economic and national security—that are facing difficulties in accessing traditional sources of market financing, by providing access to liquidity.
This will help employers that were viable before the recent US trade actions to help sustain their operations and return to financial stability.
Companies will be required to make efforts to maintain jobs and sustain business activities in Canada. Those that were already involved in insolvency proceedings before this crisis will not be eligible.
In the weeks and months ahead, additional measures will be brought forward, as needed, to support businesses and workers.
The federal government will also continue to work closely with provinces and territories to ensure complementary supports are in place across all jurisdictions, the release added.
Fibre2Fashion News Desk (DS)
