Canadian government boosts industries protection against tariffs
Initiatives include Business Development Bank of Canada programme.
Canada's government is offering further support to sectors impacted by international tariffs through funding worth US$1.10b (CA$1.5b).
The government assistance consists of the new CA$1b Business Development Bank of Canada (BDC) programme and the CA$5m top-up to the Regional Tariff Response Initiative (RTRI). The BDC funding is aimed at manufacturers and exporters of products with steel, aluminium, or copper, whilst the RTRI is available to tariff-hit businesses in all industries via Canada's regional development agencies.
The additional sum boosts previously announced initiatives, such as the Strategic Response Fund, tariff rate quotas, a reskilling package, and changes to the Large Enterprise Tariff Loan.
"As a result of the United States' 6 April 2026 adjustment to its tariffs on products containing steel, aluminium, and copper, the government of Canada is working with urgency to transform our strategic industries so they can adapt, compete, and win in this new global environment," stated the government, which expects financial institutions to continue to work with affected businesses.
"The BDC programme will provide financing at favourable terms to enable businesses to address immediate pressures. The programme will also offer the industry a new tool to transform and adapt to future market conditions."
The broader RTRI, meanwhile, is designed to provide financing for areas like productivity and market diversification.
Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions Mélanie Joly commented: "We are taking concrete action to strengthen Canada's economy by standing behind our steel, aluminium, and copper industries. The new measures will protect workers and ensure companies have the tools and financing they need to keep operating, growing, and building Canada's strength at home."
Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada Gregor Robertson added: "Our government is acting decisively to support the industries that underpin our economy.
"This new CA$1b programme will give manufacturers and exporters the tools they need to adapt, stay competitive, and grow – strengthening Canada's economic resilience and ensuring our strategic industries are positioned to succeed in a changing global market."
Other tariff-impacted sectors like the softwood lumber and forestry industry will also continue to be supported, the Canadian government said.
Welcoming the announcement, Ontario Chamber of Commerce President and CEO Daniel Tisch declared: "By adding new BDC financing and topping up the Regional Tariff Response Initiative, the government is providing relief in a way that's both meaningful and responsible. This gives businesses essential breathing room today and helps them adapt their operations for tomorrow.
"What matters most now is delivery. These programmes need to be accessible, well-designed, and responsive to on‑the‑ground realities."
