Canada will suspend certain countermeasure tariffs and take other measures to support Canadian manufacturers and automakers impacted by the ongoing tariff dispute with the US, Finance Minister Francois-Philippe Champagne said Tuesday.
The government will provide 6-month relief for US goods used in Canadian manufacturing, processing, food and beverage packaging, and essential public services to allow businesses to adjust their supply chains and explore domestic alternatives, Champagne said.
Under a new performance-based remission framework, automakers that continue to produce vehicles in Canada and fulfill planned investments will be allowed to import a limited number of US-assembled, Canada-United States-Mexico Agreement-compliant vehicles free of the countermeasure tariffs, according to Champagne. However, access to this benefit will decrease if Canadian production or investment is reduced, he added.
The minister also said the Large Enterprise Tariff Loan Facility is now accepting applications. This program offers financial support to major Canadian businesses vital to national interests that are unable to access regular financing due to the trade dispute.
General Motors (GM) fell 2%, Stellantis (STLA) was flat, Ford (F) lost 2.6%, and Toyota Motor (TM) rose 2.1% in recent trading.
Price: 44.22, Change: -0.92, Percent Change: -2.04
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