Today, the Department of Finance hosted a recurring briefing with Canadian industry and labour stakeholders, as well as provincial and territorial representatives, on Canada-U.S. economic issues. Canada's Embassy in the U.S. also joined the call.
The discussion focused on the recent tariff actions by the U.S., including the International Emergency Economic Powers Act invoked on April 2 to apply "reciprocal tariffs" on goods from nearly all countries, not including Canada and Mexico, as well as new U.S. tariffs imposed on automobiles that entered into force on April 3.
Officials highlighted Canada's countermeasures response to U.S. auto tariffs, including yesterday's announcement by the Prime Minister, and outlined the tariff support measures that have been introduced to support Canadian workers and businesses. This includes introducing temporary special measures to the EI Work-Sharing Program, providing up to $40 billion in liquidity to businesses by deferring corporate income tax payments and GST/HST remittances, and providing liquidity support through Canada's financial Crown corporations.
The government underscored its commitment to continue fighting against the unjustified tariffs imposed by the U.S. while protecting impacted workers and businesses and building Canada's economy.
