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The federal government is announcing $1.5 billion in tariff relief in response to the United States widening its tariff criteria last month.
The announcement includes the creation of a new $1 billion program under the Business Development Bank of Canada to bolster the manufacturing sector, and a $500 million top-up to the regional tariff response fund.
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The new development bank programming is meant to shore up factories hit by U.S. tariffs affecting exports of products containing steel, aluminum and cooper.
It will make available three-year, low-interest loans of up to $50 million to tariff-hit businesses.
Industry Minister Mélanie Joly announced the federal funding today at a manufacturing facility southeast of Ottawa.
Joly says while the government must act to provide businesses with liquidity in the short term, it’s also pursuing a broader medium-term strategy to help exporters adapt and move into new markets.
This report by The Canadian Press was first published May 4, 2026.
