(Josh Wingrove – Bloomberg)
Canada is announcing funding for the country’s smaller steel and aluminum producers as a tariff fight with the U.S. drags on.
Innovation Minister Navdeep Bains said Monday Canada will make available C$100 million ($75 million) in “non-repayable contributions” to small- and medium-sized steel and aluminum manufacturers, or clients of those firms. The funding is aimed at projects that boost productivity or adopt new technology.
Tariffs continue to strain ties between the nations. The U.S. applied levies of 25 percent on steel and 10 percent on aluminum last year. Canada, the top source for the U.S. of both metals, responded with reciprocal tariffs shortly afterward. Canada is now pushing for both countries to lift the tariffs, whereas the U.S. wants some kind of quota. The impasse threatens passage of the new trade deal between the U.S., Canada and Mexico. Click here to read more.
- Regional Economic Growth through Innovation – Steel and Aluminum Initiative (WEDC)
- Feds to Invest $100m in Steel, Aluminum Sector (Hamilton Spectator)
- Feds Earmark $3M for Northern Ontario Steel, Aluminum Companies (SooToday)
- Feds Announce $100M in Funding for Steel and Aluminum Industries (CBC News)