Canada to launch program to relieve businesses of tariff hit #CanadaFinance

WASHINGTON (Reuters) – Canadian officials announced Sunday they will provide a mechanism for Canadian businesses to obtain relief from retaliatory tariffs set to take effect against the United States in the coming days.

Under the so-called “remission process,” Canadian businesses could apply for tariff relief or refunds, provided they meet certain conditions.

Companies would be eligible for the relief if goods cannot be sourced domestically or reasonably from non-U.S. sources. The government would also consider relief on a case-by-case basis in “other exceptional circumstances that could have severe adverse impacts on the Canadian economy.”

“We want to preserve this relationship, but in the face of the unjustified U.S. tariffs against Canadian goods, we are taking action to protect our economy, our workers and our businesses. We will always stand for Canada,” said Dominic LeBlanc, Canada’s finance minister in a statement.

The Canadian government announced retaliatory tariffs on Saturday, in response to a host of new tariffs President Donald Trump announced against Canada, Mexico and China.

The first set of Canadian tariffs, set to take effect Tuesday on $30 billion of products, will apply to products including beverages, cosmetics and paper products.

The government announced Saturday it would impose additional tariffs on $125 billion of U.S. products, which will be specified at a later date but will include vehicles, metal, produce, beef, pork, dairy products, and more, according to a Department of Finance release.

(Reporting by Pete Schroeder; Editing by Aurora Ellis)