Canada Offers $642 Million in Lumber Aid Amid U.S. Trade Row
- Trudeau backstops softwood producers hit by fresh duties
- Cross-border dispute predates Trump’s pledge to overhaul Nafta
Canada Offers $642M in Lumber Aid Amid U.S. Trade Row
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Canada is coming to the aid of its lumber sector after the U.S. imposed duties as part of an escalating trade dispute.
The government announced the C$867 million ($642 million) plan Thursday after a meeting of Prime Minister Justin Trudeau’s cabinet. The funding includes C$605 million in loans and loan guarantees at unspecified “commercial terms,” and C$163 million in transition funding for lumber companies. The loans, which will be offered through the Business Development Bank of Canada and Export Development Canada, could be expanded at a later date.