Innovation, Science and Economic Development Canada
Montréal, Quebec
Today, the Honourable Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions, highlighted a series of new strategic measures for Canadian industries most impacted by U.S. tariffs and trade disruptions, including aluminium and steel. These initiatives will help Canadian businesses retool their production and diversify their products.
These new measures include the following:
- A new Strategic Response Fund: The government will invest $5 billion through a new fund with flexible terms to help firms in all sectors impacted by tariffs adapt, diversify and grow, with support provided to industries by new workforce alliances to align training and workforce needs.
- A new Buy Canadian policy: The government will introduce a new policy to ensure the federal government buys from Canadian suppliers, require local content when domestic suppliers are unavailable, extend this approach to all federal funding streams and Crown corporations, and provide a roadmap for provinces and municipalities to apply similar standards to their own procurement.
- Immediate liquidity relief: The government will expand Business Development Bank of Canada loans for small and medium-sized enterprises (SME) to $5 million, provide more flexible financing through the Large Enterprise Tariff Loan Facility, and give the auto sector flexibility by waiving 2026 model year vehicles from Electric Vehicle Availability Standard requirements and by launching an immediate 60-day review to reduce costs.
- Regional Tariff Response Initiative: The government will expand support to SMEs to $1 billion over three years, with flexible terms, and increase new non-repayable contributions to eligible businesses impacted by tariffs across all affected sectors, including agriculture and seafood.
The aluminum industry is one of many that build Canada and will be central to our future competitiveness as a country. As we build the economy of the future, the government is ensuring business and workers in the aluminum sector can seize opportunities at home and around the world.
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