Canada commits over C$6 billion to fight impact of US tariffs, find new markets

Ryan Patrick Jones - Reuters - 07/03
Canada on Friday unveiled billions of dollars in aid and other forms of support to businesses and people expected to be directly affected by U.S. tariffs.
  • Promises C$5 billion for exporters for two years
  • C$1 billion for agriculture and food industry
  • C$500 million set aside for low-interest loans
  • Tweaked rules for job insurance to prevent layoffs
OTTAWA, March 7 (Reuters) - Canada on Friday unveiled billions of dollars in aid and other forms of support to businesses and people expected to be directly affected by U.S. tariffs.
These relief measures involve over C$6.5 billion ($4.52 billion) of financial aid to help companies tap new international markets, absorb the impact of losses, access easy loans and prevent layoffs, a team of ministers said.
Canada relies on the United States for 75% of its exports and a third of all imports. Its reliance on trade for economic growth leaves the country vulnerable in case of a protracted trade war.
U.S. President Donald Trump's administration imposed 25% tariffs on most imports from Canada and Mexico earlier this week, before announcing a suspension of the charges until April 2 on goods covered by the U.S.-Mexico-Canada Agreement on trade.
"We are moving ahead with these changes despite yesterday's pause because businesses and workers need assurances right now," Labour Minister Steven MacKinnon said at a news conference on Friday.
"We may not know what our American neighbors will do, n...
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