The government will continue to protect and strengthen the sectors most affected by U.S. tariffs.
Today, the Honourable Mélanie Joly, Minister of Industry, and the Honourable Evan Solomon, Minister responsible for the Federal Economic Development Agency for Southern Ontario announced $1.5 billion to support several of Canada’s tariffed industries.
This includes the creation of a new $1 billion Business Development Bank of Canada (BDC) program that will strengthen Canada’s economic resilience.
The program will be available to industries that manufacture and export products containing steel, aluminum or copper. It will support firms that use these metals in a significant way in their production and that have been impacted by the tariffs. As a result of the United States’ April 6, 2026, adjustment to its tariffs on products containing steel, aluminum 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.
In addition, the government is providing an additional $500 million through the Regional Tariff Response Initiative (RTRI) to support tariff impacted businesses in all sectors of our economy. This funding, delivered by Canada’s regional development agencies (RDA), will help ensure that SMEs have access to the support they need to enable strategic pivots through investments in market diversification and enhanced productivity that strengthen their competitiveness.
The Government will also continue to support other critical tariff-impacted industries such as the softwood lumber and forestry sector which are key pillars of Canada’s economy.
