News Summary

The Government of Canada has introduced a comprehensive $6-billion package to support Canadian businesses impacted by the ongoing trade war with the United States. Announced by Minister of Labour Steve MacKinnon, Minister of International Trade Mary Ng, and Minister of Small Business Rechie Valdez, the measures include a new Trade Impact Program through Export Development Canada (EDC), featuring a $5-billion facility to assist businesses facing tariff-related challenges and market uncertainties. Ng emphasized that EDC will offer working capital solutions, credit insurance, and a foreign exchange facility guarantee to stabilize costs and protect profit margins. Additionally, $1 billion in financing is being provided through Farm Credit Canada’s Trade Disruption Customer Support Program to support the agricultural sector. The Business Development Bank of Canada (BDC) will contribute $500 million in loans to help businesses adapt and diversify their markets. Furthermore, the Employment Insurance Work-Sharing program has been extended to 76 weeks to help businesses avoid layoffs during slower periods.