CP NewsAlert: Carney announces new support for sectors hammered by U.S. tariffs

By Canadian Press on November 26, 2025.

OTTAWA — Prime Minister Mark Carney says the federal government has a new suite of supports to build up the domestic steel and lumber industries hit hard by U.S. tariffs.

The new plan tightens the quota on steel imports from countries that don’t have free-trade pacts with Canada from 50 per cent to 20 per cent of 2024 levels.

Countries outside the United States and Mexico that do have trade pacts with Canada will also see their quotas dropped from 100 per cent to 75 per cent of last year’s levels.

Any steel imported above those thresholds will be hit with a surtax of 50 per cent.

Carney also says the federal government is offering an extra $500 million in loan guarantees to the softwood lumber industry on top of other measures to encourage homebuilders to use made-in-Canada materials.

Starting next spring, the federal government will also subsidize freight fees on any rail shipments of steel and lumber across provincial borders to build up the domestic industry as President Donald Trump’s trade aggression cuts off the lucrative U.S. market.

This report by The Canadian Press was first published Nov. 26, 2025.

Craig Lord and Nick Murray, The Canadian Press