OTTAWA - The federal government plans to inject $500 million in loan guarantees for Canada's softwood lumber industry and further limit foreign steel imports to support the sectors being hammered by U.S. tariffs.

A government official not authorized to speak about the plan before details are made public told The Canadian Press that Prime Minister Mark Carney will announce the new measures Wednesday afternoon.

The Toronto Star was the first to report on the details of the aid package.

The official said the government plans to cut steel imports from countries where Canada does not have a free-trade agreement from 50 per cent to 20 per cent of 2024 levels. That move aims to allow Canadian steel producers to fill the gap in the domestic market, opening up an estimated $854 million in domest

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