The federal government is highlighting additional supports that will soon be available to Canadian businesses and workers impacted by the latest round of U.S. imposed tariffs.
Trade talks between the two countries recently fell apart, and on August 22, the U.S. imposed 50 per cent tariffs on roughly $28 billion of Canadian goods.
On Thursday, Secretary of State for the Canada Revenue Agency and Financial Institutions Wayne Long and Sarnia-Lambton-Bkejwanong MP Marilyn Gladu attended Forbes Dairy Farm in Sarnia to tout the latest stream of funding: a $7.5 billion package of new and enhanced measures.
The additional funding, initially announced on Tuesday, is on top of the nearly $25 billion in supports implemented over the past 18 months.
"We've been here before. When tariffs were imposed the first time, Canada acted quickly and decisively. We stood up for Canadian workers and businesses, supported industries on the front lines, and strengthened our economy so that Canada could weather the uncertainty," Long said during a media conference. "We were there then, and we are here now."
Long said the new funding package includes additional support through Canada's Regional Development Agencies, liquidity support through the Business Development Bank of Canada, an additional $2 billion in investment through the Canada Strong Diversification Fund, and $3.5 billion Rapid Response Supports for Workers and Employers.
"These measures will help businesses manage cash flow pressures, maintain and protect jobs, support workers through income support and training, and help Canadian companies continue investing, building, and growing," Long said.
He said these supports are meant to help impacted businesses innovate and pivot to become more competitive in a global market, which may include purchasing new equipment or technologies to improve productivity.
While a specific date wasn't provided, Long said funding through this new stream should be made available within the next few weeks for businesses to apply for.
Long said the financial support will continue as needed.
Dairy was among one of the sectors impacted by the 50 per cent tariffs.
Local third-generation dairy farmer Kevin Forbes said it's difficult to determine how impacts to the industry as a whole will affect their family farm.
"At this time we have no idea really how the tariffs are going to impact us," said Forbes.
The Forbes Dairy Farm currently milks about 200 cows and farms 1,100 acres of land.
"We as Canadian dairy farmers are primarily focused on servicing Canadians and producing high-quality milk for Canadians," Forbes said.
Meanwhile, the Canadian government will impose counter tariffs on about $27.6 billion worth of U.S. products, as of September 8. However, after receiving feedback, Finance Canada removed fish and seafood products from its list of retaliatory tariffs.
