Canadian Finance Ministry announced last week new measures for Canadian businesses and entities affected by the tariff dispute between Canada and the United States.
According to a news release issued by the ministry, these measures include a performance-based remission framework which will allow automakers that continue to manufacture vehicles in Canada to import a certain number of U.S.-assembled, CUSMA-compliant vehicles into Canada, free of the countermeasure tariffs that Canada has imposed.
The Canadian Finance Ministry intends to provide temporary 6-month relief for goods imported from the U.S. that are used in Canadian manufacturing, processing and food and beverage packaging, and for those used to support public health, health care, public safety, and national security objectives.
The government will also start the new Large Enterprise Tariff Loan Facility (LETL) to support large businesses including those that contribute to Canada’s food security, energy security, economic security and national security by providing access to liquidity.
“Companies will be required to make efforts to maintain jobs and sustain business activities in Canada. Those that were already involved in insolvency proceedings before this crisis will not be eligible,” said the government release.
In the weeks and months ahead, Canada said that additional measures will be brought forward to support businesses and workers.
“From day one, the government has reacted with strength and determination to the unjust tariffs imposed by the United States on Canadian goods. We continue to stand by Canada’s workers and businesses. Today, we’re giving Canadian companies and entities more time to adjust their supply chains and become less dependent on U.S. suppliers. This will help make our economy stronger and more resilient,” pointed out the finance minister François-Philippe Champagne.
This article was posted based on the information available at the time. Due to the uncertainty of the trade landscape, some rules may have changed since then.
