The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today issued the following statement:
"The global economy is rapidly changing, and many Canadians are feeling the effects at home. That is why our government is hard at work to build the strongest economy in the G7 amid the current global geopolitical uncertainty.
"As part of these efforts, we are ensuring that Canadian industries are not jeopardized by harmful trade diversion resulting from the quickly changing trade environment.
"In response to a formal request from the Canadian Wood Products Alliance, the government has directed the Canadian International Trade Tribunal to conduct an inquiry on global imports of solid and engineered wood cabinets and vanities, solid and engineered hardwood flooring, and engineered wood storage furniture.
"The Tribunal will have 270 days to determine if increased imports of these products are causing, or threatening to cause, serious injury to Canadian wood product manufacturers, and to make recommendations to the government on appropriate remedies.
"The government is committed to protecting Canada's forest sector, a key economic driver that supports nearly 200,000 workers, including over 11,000 Indigenous Peoples, and contributes more than $20 billion to the country's gross domestic product.
"If the Tribunal finds that safeguard measures are warranted, the government will take appropriate action, in accordance with international trade rules.
"We will continue to monitor import trends closely and are prepared to take additional actions, as appropriate, to ensure the continued resilience of the Canadian economy."
