Industry minister says relief coming for tariff-hit softwood lumber sector

Federal Industry Minister Mélanie Joly confirmed that financial relief for Canada's softwood lumber sector is imminent. The government will provide funding through banks, backed by the Business Development Bank of Canada, in the coming days. This initiative follows Prime Minister Mark Carney's August announcement of a $1. 25 billion aid package aimed at supporting the sector, which has faced significant challenges due to U. S.

tariffs. Joly noted that the funding will focus on helping businesses with operational and capital expenditures, addressing the unique needs of each company. The relief is essential as U. S. President Donald Trump has imposed tariffs on various sectors, including lumber, affecting Canadian exports.

Ensuring the survival of these businesses is pivotal for the local economy, particularly in regions heavily reliant on the lumber industry. The government’s support reflects its commitment to mitigating the adverse effects of trade disputes. This move aims to stabilize the sector and promote economic resilience.