Canada Unveils $650 Million Lumber Industry ‘Bailout’ “To Stand Up To US”

Canada’s Natural Resources Minister Jim Carr just announced C$867 million (around $650 million) in financial supports for softwood lumber producers and the communities where they are based…’Canada is standing up to the U. S., Canada is standing up for Canadians.’
On Wednesday, the Conference Board of Canada released a report saying Canadian softwood producers would pay $1.7 billion in duties a year and cut 2,200 jobs and $700 million in U. S. exports over the next two years before the dispute is settled.
And perhaps on the basis of that report, as Canadian Press reports, the package includes loans and loan guarantees to help cushion the blow for forestry companies and to help them exploring new markets and innovations.

This post was published at Zero Hedge on Jun 1, 2017.