The Canadian government has unveiled a $7.5 billion support package for workers and businesses following the breakdown of trade talks with the Trump administration. The support includes matching the U.S. tariffs dollar for dollar on $27.6 billion worth of Canadian goods. Finance Minister François-Philippe Champagne emphasized the need to stand together to overcome the challenges posed by the tariffs.

In a move to assist workers and small businesses, $3.5 billion of the total support funding will be directed towards a rapid response initiative. This initiative includes extending EI benefits, providing additional support for unemployed workers, and offering financial aid to employers implementing work-sharing programs.

Additionally, a $2 billion Canada Strong Diversification Fund will aid companies affected by tariffs, while changes to the Large Enterprise Tariff Loan facility will provide more flexibility to larger businesses. Medium-sized enterprises will have access to $1.5 billion in additional funding through regional development agencies.

The Business Development Bank of Canada will offer working capital support to small- and medium-sized businesses facing cash flow challenges, including loans with extended repayment periods. The retaliatory tariffs imposed by Canada will target specific U.S. products with corresponding tariffs rates.

Prime Minister Mark Carney held discussions with opposition leaders to update them on the government’s response to the tariffs. The opposition expressed support for the government’s actions, emphasizing the need for unity in protecting Canadian interests and jobs.