According to reporting by Reuters, Canada is set to announce financial aid for their steel industry and workers on Friday, with Reuters citing an unnamed source.
Key quotes
“Canada will hit back against U.S. tariffs on its steel and aluminum by offering affected companies and workers up to C$800 million ($603 million) in aid, a source familiar with the matter said on Thursday.
Foreign Minister Chrystia Freeland will make an announcement in the steel city of Hamilton at 11 a.m. ET (1500 GMT) on Friday.
The source said the assistance – to be spread over several years – would be similar to an C$867 million five-year package offered to Canadian softwood lumber producers in 2017 after Washington imposed tariffs.
That took the form of loans, loan guarantees, commercial financing and support to help firms expand overseas markets. It also included money to help affected workers learn new skills and provided support for work-sharing agreements.
Canada promised to react by imposing retaliatory tariffs on C$16.6 billion worth of U.S. exports and Freeland is due to outline exactly which goods will be hit, said the source.”
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