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Canada giving $642.22 million to help those hit by U.S. lumber tax

Staff Writer |
Canada will give C$867 million ($642.22 million) in aid to the softwood lumber industry after the United States imposed duties on exports and is prepared to offer more help in future, the government said on Thursday.

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Most of the aid - up to C$605 million - will be in the form of loans, loan guarantees and commercial financing, it said in a statement. Reuters revealed the outlines of the aid package on Wednesday.

Washington in April imposed preliminary anti-subsidy duties averaging 20 percent on imports of Canadian softwood lumber. U.S. producers say the exports are unfairly subsidized, a charge Canada strongly denies.

"We are prepared to take further action, including additional loan guarantees, to address changing market conditions," Natural Resources Minister Jim Carr told a news conference.

In a separate statement, the Canadian government said it would continue "to forcefully press our American counterparts to rescind this unfair and unwarranted trade action."

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