The federal government is giving $500 million in loan guarantees to softwood lumber industry and placing limits on imported foreign steel as the two sectors reel under tariffs from U.S. President Donald Trump’s tariffs , Prime Minister Mark Carney said Wednesday.

Ottawa is cutting back on steel imports from countries that do not have a free trade agreement with Canada from 50 per cent to 20 per cent of last year’s levels.

“This will open up more than $850 million in new domestic demand for Canadian steel,” Carney said.

Canada will reduce tariff free steel imports from non-CUSMA free trade area partners from 100 per cent of 2024 levels to 75 per cent, he added.

Canada will also impose “a global 25 per cent tariff on targeted imported steel derivative products, such as wind towers, pre

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