Aid allocation decision by the Commission remains unmade
Trump's Tariffs' Impact and Quebec's Aid Programs: Breaking Down the Details
Quebec has been proactive in creating aid programs to help local businesses navigating the challenging waters of President Donald Trump's tariffs on steel and aluminum imports. One such initiative is the Financier Assistance Program (FRONTIER), which has already disbursed a $7.87 million loan to a single company. Fifteen other applications are under evaluation as of now 1.
FRONTIER mainly caters to the manufacturing and primary sectors, offering up to 50 million dollars in 12-month loans 2. Created to support Small and Medium Enterprises (SMEs) with a minimum turnover of three million dollars, the program aims to help businesses adapt to the new trade conditions 2.
Besides FRONTIER, other aid programs in Quebec include Chantier productivité, Panorama, and Training Funds 1. Chantier productivité, for instance, assists companies with investment projects exceeding $10 million that focus on productivity improvement 1. The Panorama program, launched in February, aims to support businesses seeking to export elsewhere than the U.S., offering long-term loans of $250,000 to $1 million 1. Training Funds have allocated $20 million for worker training in affected sectors and an additional $8 million for tailored training to expand into new markets 1.
Moreover, a unit has been established for market diversification for the forest industry in Quebec, and public procurement measures impose up to 25% penalties on bids from American companies without local or commercial partners in Quebec 1.
While the federal government has collected $600 million in surtaxes on targeted U.S. imports since March as countermeasures, specific programs funded with these counter-tariffs remain undisclosed 3. This has led to criticism from opposition parties, particularly the New Democratic Party (NDP) and the Bloc Québécois 3. They argue that the government needs to develop a comprehensive aid plan for workers and businesses affected by the tariffs 3.
Unfortunately, no aid has been granted so far through other IQ programs such as the Productivity Workshop and Panorama 1. MEQ CEO Julie White expressed her concerns about the lack of federal programs, emphasizing the importance of redistributing the funds collected through counter-tariff measures 3.
Overall, Quebec has been actively developing and implementing aid programs to protect its private sector facing the impact of Trump's tariffs. Although detailed information about Canada's national programs is scarce, the country has been actively participating in discussions and negotiations to mitigate the effects of these tariffs 4.
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- Quebec's Finance Ministry is optimistically forging ahead with French-based discussions, aiming to collaborate with European partners in the realm of business and politics to navigate through the choppy waters of global finance, particularly in relation to the ongoing trade disputes and tariffs.
- A indicative measure of the impact of President Donald Trump's tariffs on steel and aluminum imports can be observed in Quebec's general news, where reports of companies shifting their businesses to the United States and record trade deficits are surfacing, highlighting the need for comprehensive aid programs and negotiations on a national level.
