New Canadian Program Aims to Ease Tariff Burden on Businesses

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Canadian officials announced on Sunday that they would provide a mechanism for businesses to seek relief from retaliatory tariffs set to take effect against the United States in the coming days.

Under the "remission process," Canadian businesses can apply for tariff relief or refunds if they meet certain criteria. Companies would be eligible if goods cannot be sourced domestically or reasonably from non-U.S. suppliers. The government will also consider relief on a case-by-case basis in "exceptional circumstances" where the tariffs could cause severe harm to the Canadian economy.

"We want to preserve this relationship, but in response to unjustified U.S. tariffs on Canadian goods, we are taking action to protect our economy, our workers, and our businesses. We will always stand for Canada," said Canada's Finance Minister Dominic LeBlanc in a statement.

The Canadian government had previously announced retaliatory tariffs on Saturday in response to new tariffs announced by President Donald Trump against Canada, Mexico, and China.

The first round of Canadian tariffs, which will take effect on Tuesday, will target $30 billion worth of U.S. products, including beverages, cosmetics, and paper products.

In addition, the government revealed plans for further tariffs on $125 billion worth of U.S. goods, including vehicles, metals, produce, beef, pork, dairy products, and more. The specific items affected will be announced later, according to a statement from the Department of Finance.

Paraphrasing text from "Reuters" all rights reserved by the original author.