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CTV News
39 minutes ago
- CTV News
PM vows $1.2B for softwood lumber industry
Vancouver Watch As a trade deal with the US remains in limbo, Prime Minister Mark Carney announced a big bailout for the impacted softwood lumber industry while visiting B.C.
CTV News
39 minutes ago
- CTV News
Relief for B.C.'s softwood industry welcomed by industry, politicians
As a trade deal with the US remains in limbo, Prime Minister Mark Carney announced a big bailout for the impacted softwood lumber industry while visiting B.C. After touring Gorman Bros. Lumber in West Kelowna Tuesday, Prime Minister Carney announced a series of supports to sustain the softwood industry, which is currently being hammered by American duties. 'I'm going to focus on how we can help transform our softwood lumber industry to compete in this tough new environment,' Carney told reporters. The prime minister pledged $700 million in loan guarantees to help struggling businesses facing U.S. import duties that effectively doubled last week to 27 per cent and have tied up approximately $10 billion dollars worth of goods at the border. Brian Menzies, the head of the Independent Wood Processors Association, said Carney's announcement is helping to ease some of the uncertainty in the sector. 'These owners of these companies are very worried, they're worried about losing their people,' he said. The prime minister also promised $500 million in funding for new product development, including for materials used in prefabricated modular homes, and for new market diversification. 'For him to understand how important it is for us to do that is good. It's going to take us a while, diversifying our markets. It's helpful they acknowledged that,' Menzies said. There's also a push for prioritizing and procuring Canadian lumber to be used for Canadian homes and infrastructure. 'We will be our own best customer for Canadian softwood, for Canadian projects,' said Carney. That sentiment was echoed by B.C.'s Forestry Minister Ravi Parmar, who notes the province's outside place in the global softwood lumber export market. 'I think there is an opportunity for British Columbia, as the second largest exporter of softwood lumber in the world, not only to help build infrastructure in British Columbia but throughout this entire country,' said Parmar. The final measure laid out by the prime minister reflects the punishing realities of the duties and the current state of the sector – $50 million in funding for lumber workers to be retrained for work in other fields. B.C. Conservative leader John Rustad welcomed the news of supports, but emphasized the need for a deal on softwood lumber than preserves jobs in the beleaguered industry. 'They're tired of retraining program, they just want their jobs, they want these good paying supporting family jobs in our forest sector,' he said Tuesday following the announcement.
CBC
40 minutes ago
- CBC
Carney suggests U.S. tariffs could drop to help Canadian industry
As Prime Minister Mark Carney announced support for the softwood lumber industry dealing with the impact of a U.S. trade war, he acknowledged the government could drop some retaliatory tariffs if it helps other industries.
