Up to $50 million in loans for Quebec companies vulnerable to U.S. tariffs

By Canadian Press on March 4, 2025.

MONTREAL — Quebec Premier François Legault says companies vulnerable to U.S. tariffs can apply for loans up to $50 million.

Legault announced the new loan program today, hours after U.S. President Donald Trump imposed 25 per cent across-the-board tariffs on Canadian goods, and a 10 per cent levy on energy products.

The premier says the loans will offer liquidity to companies over the next 12 months to give them time to adjust their business models or supply chains.

As well, Legault says the province will pull U.S. alcohol from shelves at stores run by the provincial liquor monopoly, and penalize American companies who bid on public contracts.

The province will impose penalties of up to 25 per cent on bids by American companies who participate in public calls for tenders if those companies aren’t already established in Quebec.

Legault described the tariffs as “unjustified,” and said a prolonged trade war could cost the province up to 160,000 jobs.

While Trump has imposed a 25 per cent tariff on most goods, Legault says the province’s valuable aluminum industry will only be subject to the 10 per cent levy that’s being imposed on energy and critical minerals.

This report by The Canadian Press was first published March 4, 2025.

Maura Forrest and Morgan Lowrie, The Canadian Press