Canada announces $643 million support for lumber industry
Loans and provincial programs will work to support forest industry workers and communities affected by U.S. measures targeting softwood lumber.
On June 1, 2017, the Honourable Jim Carr, Canada’s Minister of Natural Resources, the Honourable Chrystia Freeland, Minister of Foreign Affairs, and the Honourable François-Philippe Champagne, Minister of International Trade, announced $867 million Canadian ($643 million U.S.) in measures to support forest industry workers and communities affected by U.S. measures targeting softwood lumber.
This includes federal loans and loan guarantees to complement provincial efforts for viable Canadian companies. Export Development Canada (EDC) will make commercial financing and risk management solutions — including loans and loan guarantees — valued at up to $500 million (Canadian) available to assist viable forestry companies. The Business Development Bank of Canada (BDC) will make $105 million in commercial financing available to help eligible forestry companies in the short and medium term.
Funding for further loan guarantees may be considered by the Government in the future to address changing market conditions.
The Government’s support also includes investments to diversify forest products and markets, to increase the industry’s resilience to trade actions and promote its long-term health.
Additional measures announced today include more than $260 million in new funding to:
- support efforts to expand overseas markets and promote the diversification of Canadian wood products beyond those targeted by U.S. duties on softwood lumber;
- help Indigenous communities and organizations improve the performance of their forest sector initiatives;
- provide a temporary extension of the maximum period for Work-Sharing agreements from 38 to 76 weeks in order to reduce layoffs; and
- expand supports to help affected workers upgrade their skills and transition to new opportunities.
The announcement demonstrates the Government’s commitment to take quick action and its overarching strategy to target new markets around the globe in a concerted effort to enhance trade and market diversification for Canadian wood and wood products as part of the clean-growth economy.
Federal Cabinet ministers have recently travelled to the U.K., continental Europe and Asia, including China, to promote these measures and Minister Carr will travel to China with a delegation of Canadian forest industry representatives in early June to build on that success.
"These actions defend the interests of Canadians against the U.S. Department of Commerce’s imposition of countervailing duties on Canadian softwood lumber and build upon recent efforts made to ensure the continued growth and vibrancy of this sector," the official release said.
The Government of Canada continues to forcefully press its American counterparts to rescind what Canada sees as an "unfair and unwarranted trade action" while remaining confident that a negotiated settlement is not only possible, but in the best interests of both countries.
CONTRACTOR SUPPLY MAGAZINE
The October/November 2024 of Contractor Supply magazine is here!
Our cover story, A Rewarding Passion - Dale Hahs II, third-generation of Denver's AIS Industrial & Construction Supply, is STAFDA's incoming 2025 president.
A Special STAFDA section featuring a welcome address, an agenda, session previewss by presenters and much more. Also in this issue are our Industry Updates on: Lifting, Moving and Material Handling; Lasers, Levels and Measurement; Hand Tools; Cordless Power Tools; Drill Bits and Cutting Tools; and Toolboxes, Bags and Belts.
This digital edition, sponsored by BECK AMERICA Inc., is fully searchable and contains live links to every advertiser and new product listing. Click away!
| Read the Articles Read the Digital Edition |
