Tariff-related pressures continue to evolve and have tangible impacts across supply chains. This includes the United States’ April 6, 2026, changes to the Section 232 tariffs on steel, aluminum and copper and derivative products. These changes have impacted companies from a variety of sectors, including steel fabrication, electrical grid infrastructure, mould making, and metalworking equipment and machinery. Many of these companies and their supply chains develop products and materials that are the foundation of most manufacturing processes and are therefore essential to our industrial sovereignty.
On May 4, 2026, the government announced $1.5 billion to support several of Canada’s tariffed industries. This includes the creation of a new $1 billion Business Development Bank of Canada (BDC) program available to industries that manufacture and export products containing steel, aluminum or copper. In addition, the government is providing an additional $500 million through the Regional Tariff Response Initiative (RTRI), delivered by Canada’s regional development agencies (RDA), to support tariff-impacted businesses in all sectors of our economy.
Additional information is available on the Innovation, Science and Economic Development Canada website.