Loading articles...

Quebec sets aside $900 million for companies hurt by U.S. tariffs

Last Updated Aug 15, 2018 at 7:20 pm EST

MONTREAL – The Quebec government is setting aside almost $900 million for companies affected by tariffs recently imposed on Canada by the United States.

Premier Philippe Couillard says his government will make $863 million available over five years in direct investments, tax subsidies and training.

U.S. President Donald Trump has imposed 25 per cent tariffs on imported steel and 10 per cent tariffs on imported aluminum from many countries including Canada, which has retaliated with tariffs of its own.

The provincial money will go towards offering companies liquidity to continue their activities, and to reduce contributions small and medium-sized companies have to make to the province’s heath services fund.

Quebec’s plan also aims to increase investment in the agricultural sector and it sets aside $55 million for labour-related programs.

Couillard says the five-year financial package is expected to spur $3 billion for the Quebec economy over the same period.

“We are living an exceptional experience that demands an exceptional response,” Couillard said.