Prime Minister Mark Carney listens while touring the Royal Canadian Navy torpedo recovery vessel Sikanni at the Canadian Forces Maritime Experimental and Test Ranges (CFMETR), in Nanoose Bay, B.C., on Monday, Aug. 4, 2025. THE CANADIAN PRESS/Darryl Dyck

By Canadian Press

amidst the tariffs

Prime Minister Carney announces new support measures for softwood lumber industry

Aug 5, 2025 | 12:58 PM

Prime Minister Mark Carney’s government is preparing financial supports for the forestry sector as the U.S. ratchets up duties on Canadian softwood lumber.

Carney is promising an aid package for the industry that includes $700 million in loan guarantees and $500 million for long-term supports to help companies diversify export markets and develop their products.

It comes in the wake of heightened trade tensions with the U.S. over softwood lumber, a longtime point of friction in the Canada-U.S. trade relationship.

The U.S. Commerce Department recently announced it intends to hike anti-dumping duties on Canadian softwood to just over 20 per cent.

That’s a marked increase since the last time the U.S. reviewed the rate, which previously was just over 7 per cent.

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Carney also says the government will introduce a training program for workers which will include some $50 million for the forestry sector.

This report by The Canadian Press was first published Aug. 5, 2025.