OTTAWA, Aug. 5 (Xinhua) -- Canadian Prime Minister Mark Carney on Tuesday announced a series of new measures to help the softwood lumber industry transform and remain competitive.
According to a news release on the prime minister's official website, the new financial measures include 700 million Canadian dollars (508 million U.S. dollars) in loan guarantees to address the immediate pressures facing the softwood lumber sector, and 500 million Canadian dollars to supercharge product and market diversification to make the industry more competitive for the long term.
"The forest sector is a pillar of Canada's economy. As we shift from reliance to resilience, Canada's new government will ensure the industry can transform to seize new opportunities in Canadian and international markets," said Carney.
The package is a part of the industrial strategy designed to help Canada adapt to the global trade landscape which has "fundamentally changed," the release said. On July 25, the U.S. Department of Commerce doubled duties on softwood lumber products from Canada, with further increases expected later this month, the release noted.
In 2024, 66 percent of Canada's total softwood lumber production was exported, and of that, nearly 90 percent was exported to the United States, the release said.
