The federal government has outlined the details of a $7.5-billion package of supports for workers and businesses caught in the crosshairs of the escalating trade war between the United States and Canada.
Ottawa says the package features “new and enhanced” measures that will deliver “fast, simple and agile supports” for those who need it.
It includes:
- $3.5-billion for a suite of “rapid response supports” for Canadians. Government says this will help workers access EI supports through new and extended changes to the program. The money will also be used to help with training for workers if they have to change jobs.
- $1.5-billion to help small and medium-sized businesses with things like liquidity supports to manage tariff-related pressures.
- A $500-million liquidity stream to help businesses manage immediate cash-flow pressures.
- They are lowering the minimum revenue requirement for the Business Development Bank of Canada’s tariff related programs to $1-million.
- $2-billion for shovel-ready projects for affected businesses.
- Making the Large Enterprise Tariff Loan facility more flexible.
Meanwhile, the federal government has confirmed that it will be matching all U.S. tariffs dollar-for-dollar, as of September 8th. They say the tariffs will focus on things like steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics.
