Trade Cases
Canada Announces Tariffs and Industry Aid Package
Written by Sandy Williams
June 29, 2018
Canada’s retaliatory tariffs will go into effect on July 1 in response to U.S. tariffs on steel and aluminum, said Foreign Minister Chrystia Freeland on Friday. The tariffs on $12.6 billion of U.S. goods are equivalent to the value of steel and aluminum products hit by the Section 232 tariffs.
Freeland, accompanied by Industry Minister Navdeep Bains and Employment Minister Patty Hajdu, addressed workers and reporters at Stelco Steel in Hamilton, Ontario.
Freeland said the country is working closely with the EU and Mexico in addressing what it believes are unjustified tariffs. “We will not escalate, and we will not back down,” Freeland said. “We are acting very much in sorrow, not in anger,” she added.
Bains unveiled a C$2 billion aid package to support the steel and aluminum sectors. The package includes: up to $1.7 billion in commercial financing for steel and aluminum enterprises over the next two years; $250 million from the Strategic Innovation Fund to support innovation and growth; $50 million over five years from Global Affairs Canada to help companies diversify exports and take advantage of new trade agreements; $25 million over four years to extend Work-Sharing agreements from 38 to 76 weeks to help avoid layoffs and retain skilled workers; and additional investment of $50 million over two years to provide displaced workers training and support.
“Our government stands by you. Stands with you,” said Bains. “We have your backs.”
The final list of Canadian tariffs can be accessed here.
Sandy Williams
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