Prime Minister Mark Carney announced sweeping new measures Monday to help Canada’s softwood lumber industry weather mounting trade pressures and transform for long-term competitiveness.The comprehensive package totals over $1.25 billion and comes as the U.S. recently doubled duties on Canadian softwood lumber imports, with further increases expected this month.“The forest sector is a pillar of Canada’s economy,” Carney said during the announcement in West Kelowna. “As we shift from reliance to resilience, Canada’s new government will ensure the industry can transform to seize new opportunities.”The centrepiece of the plan includes $700 million in loan guarantees to address immediate financial pressures facing lumber companies, allowing them to maintain and restructure operations during the transition period.An additional $500 million will fund product and market diversification initiatives, including support for Indigenous-led forestry businesses and increased domestic processing capabilities.The government also unveiled its “Build Canadian” strategy, which will prioritize Canadian materials in federal construction projects and procurement. With plans to build nearly 500,000 new homes annually over the next decade, officials estimate this could double domestic softwood lumber demand by almost 2 billion board feet.Another $50 million will support retraining and income assistance for over 6,000 affected lumber workers through Labour Market Development Agreements.The announcement comes as Canada’s forest sector supports nearly 200,000 workers and contributes more than $20 billion to GDP annually. In 2024, 66% of Canada’s softwood lumber production was exported, with nearly 90% going to the United States. (ICE TORONTO)

Fonte notizia: https://www.cpecn.com/