The federal government is unveiling new support measures to mitigate the impact of the U.S. trade war on Canadian workers as fears of layoffs and economic impact grow.
The announcement came moments after U.S. President Donald Trump announced he plans to put new tariffs on Canadian dairy and lumber within the coming days.
Labour Minister Steve MacKinnon announced new “temporary work-sharing measures” that will go into effect Friday, calling the trade war that Trump launched this week a moment of “maximum peril.”
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Under the “mitigation” plan, Ottawa is expanding the existing work-sharing program to let employers cut hours while keeping workers in their jobs with income support, MacKinnon said during a press conference in Ottawa Friday.
This will allow employers to keep workers on their payrolls without having to resort to cutting jobs, he said.
Ottawa also announced a suite of other supports for Canadian businesses and workers.
These include $5 billion in funding over two years for Export Development Canada to help Canadian exporters reach new markets and help companies navigate the economic challenges posed by the U.S. tariffs, according to a news release by the finance department.
Businesses directly impacted by the tariffs will also be able to get “favourably priced loans” to the tune of $500 million through the Business Development Bank of Canada.
In addition, the agriculture and food industry will get $1 billion in new financing through Farm Credit Canada.
More to come….
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