Quebec Premier François Legault says companies vulnerable to U.S. tariffs can apply for loans up to $50 million.
Legault announced the new loan program today, hours after U.S. President Donald Trump imposed 25 percent across-the-board tariffs on Canadian goods, and a 10 percent levy on energy products.
The premier says the loans will offer liquidity to companies over the next 12 months to give them time to adjust their business models or supply chains.
As well, Legault says the province will pull U.S. alcohol from shelves at stores run by the provincial liquor monopoly, and penalize American companies who bid on public contracts.
The province will impose penalties of up to 25 percent on bids by American companies who participate in public calls for tenders if those companies aren’t already established in Quebec.
Legault described the tariffs as “unjustified,” and said a prolonged trade war could cost the province up to 160,000 jobs.
While Trump has imposed a 25 percent tariff on most goods, Legault says the province’s valuable aluminum industry will only be subject to the 10 percent levy that’s being imposed on energy and critical minerals.
