00:00Naturally, we are carefully taking full note of the recent decisions made by the American administration.
00:05However, it is important to remember that we have stood on the front lines many times before,
00:09and this is certainly not the first occasion on which we have had to react with such speed.
00:13We are actively supporting all of our businesses that find themselves on those very front lines.
00:18We are strengthening our national economy to ensure that Canada is fully prepared to weather this storm.
00:23We were standing right there with you back then, and we are here with you again today.
00:26And I am fully aware that so many of our business owners, our small entrepreneurs,
00:30and our hardworking people across this entire country are feeling deeply worried today.
00:35We have certainly been through these difficult times before, but we stepped up to the challenge then,
00:39and we are going to do exactly that once again today to ensure we protect your livelihoods and your jobs.
00:44At this moment, from small businesses and the many entrepreneurs who find themselves suddenly impacted
00:49by the new tariffs that were recently announced by President Trump,
00:53we were there for you in the past. We are here for you now.
00:56Today, we are fully committed to being there for you.
00:59We are going to be there to provide the help you need.
01:01In fact, we were there to support Philippe and Claude,
01:03because quite frankly, you were all impacted by that first round of tariffs.
01:07And yet, despite that, you were still able to keep your truly amazing team right here.
01:12So we are going to keep helping you.
01:14Over the weekend, I brought together my fellow ministers responsible for regional development agencies
01:20to prepare the game plan.
01:21So I worked with Evan, I worked with Patty, and several other colleagues.
01:26I've also been in touch with some of my provincial counterparts.
01:30Specifically, I had long conversations with Bernard Drinville, Quebec's Minister of Economy.
01:36We must act with urgency to protect Canada's workers, businesses, and strategic industries.
01:41I will be heading...
01:43I am going to be personally presiding over this entire process myself.
01:47I am heading out to Alberta to meet directly with the business leaders and the workers
01:51who are being most significantly impacted by these specific companies.
01:55And we are absolutely going to make certain that our support reaches the people who truly need it the most.
02:00Agile.
02:00We are going to be agile and flexible, and we will keep on adapting as we move along.
02:05We will not accept a bad deal that asks far too much of Canada and offers far too little in
02:11return.
02:14As Francois-Philippe has stated, we are certainly going to react.
02:19One single dollar for.
02:22The dollar in response to the recent U.S. imposed tariffs.
02:26We are now going to speak with you regarding the specific measures being implemented for the industrial sector.
02:32The government is currently introducing a series of financial aid measures totaling $7.7 of 15 billion,
02:39providing support through various agencies.
02:42If you are currently running a small business, you should really get in touch with either your regional development agency
02:48or the Business Development Bank of Canada, which is commonly known as the BDC.
02:53Small-scale business enterprises are going to be granted full access to a total of $3 million
02:59in non-repayable financial assistance, which are, in essence, straightforward grants,
03:06along with an additional $2 million available in interest-free loan options.
03:11To qualify, these specific businesses must demonstrate annual sales figures reaching the $1 billion mark.
03:18These supports can come through regional development agencies like FEDDEV in Ontario or FEDNO in Northern Ontario,
03:25which is Patti's responsibility.
03:27Nasi Savia, Yitra Asfas,
03:32as well as the Pacifican Agency located within the province of British Columbia,
03:36which falls under the direct purview and responsibility of Gregor.
03:41All of these various regional development agencies will be standing by,
03:45fully prepared and ready to assist you with whatever you need.
03:48Furthermore, we will be able to provide significant support to many small businesses
03:52through the Development Bank, also known as the BDC,
03:56which will have $500 million available to offer in the form of interest-free loans.
04:02We are offering loan amounts starting from $150,000 up to $5 million.
04:08There will be absolutely no repayments due to the BDC for a full period of 36 months.
04:14You will not be required to pay back the principal balance
04:17until the very end of the Trump administration.
04:20We are nearing the very end of this process now.
04:23Companies are going to be required to demonstrate that their bottom lines
04:26are going to be negatively impacted by these new tariffs.
04:28That point must be made absolutely clear to everyone.
04:35When it comes to our medium and large-sized businesses,
04:39we are going to work through the diversification fund for a strong Canada
04:42to provide the essential assistance they need.
04:45We are investing $2 billion to help these medium and large-sized businesses
04:49to succeed and thrive in the future,
04:52to help small and medium-sized businesses, and also to help larger companies.
04:57For small businesses, it will be through CEDE in Quebec.
05:00That's the Regional Economic Development Agency.
05:03There's going to be non-repayable support of up to $3 million offered to businesses affected by the tariffs,
05:11plus $2 million in liquidity, meaning interest-free loans.
05:16There will also be a program through the BDC.
05:20The BDC will be able to offer interest-free loans.
05:24There will be no principal amount that needs to be repaid for the next 36 months,
05:28which means this will extend well beyond the end of the Trump administration.
05:32And what these businesses will essentially be required to demonstrate to us
05:35is that their future cash flow projections are going to be significantly impacted by these new tariffs.
05:40And finally, we are also going to be establishing the Strategic Response Fund,
05:44which is a $2 billion initiative designed to assist large companies
05:47that have been negatively affected by these new tariffs.
05:50We are committed to moving quickly.
05:52We want to remain agile, and our primary objective is to ensure
05:55we are fully capable of meeting the rising demand.
05:58Throughout the initial round of support,
06:00we were able to assist approximately 1,000 companies
06:03and successfully protected 36,000 jobs.
06:05However, we are well aware that the demand will be significantly greater
06:08because these tariffs are impacting a wide variety of industries.
06:12Under the first chapter of the trade war,
06:16in the first round, we were able to support some 1,000 businesses
06:20and protect 36,000 jobs.
06:24Now we are fully aware that there are many new sectors currently being hit,
06:28and therefore there are many new businesses and vital jobs that we must protect.
06:32The lesson that we learned from those first tariffs was crystal clear.
06:35We simply cannot control the decisions being made down in Washington,
06:40but we certainly can control what we choose to do here at home.
06:43We have already seen our Canadian businesses hold their own ground.
06:47They show us what Canada is capable of when we bet on ourselves.
06:51By strengthening our national economy right here at home,
06:54by producing a greater share of the essential goods that we need,
06:57and by making it much easier for everyone to buy Canadian,
07:00hire Canadian, and build Canadian.
07:02Economic sovereignty means...
07:04Economic sovereignty means having the capacity to produce, invest,
07:08and grow right here in Canada.
07:10Building at home isn't plan B, it's plan A.
07:13Many of you who are watching us right now...
07:15Many of you who are watching today might be wondering
07:18what you can personally do to help support our country during these times.
07:23Earlier this morning, I spoke with a series of retail associations
07:28to get them fully on board with our efforts so that they can help everyone understand
07:35which products are Canadian when you're looking at the shelves in the grocery store
07:40and other shops.
07:41We're going to help them because that's how we can make a difference.
07:45If you see a Canadian product, buy it, support it.
07:50The most significant aspect of this latest chapter in the trade war
07:54is that whenever you choose to select a Canadian-made product,
07:58you are not merely exerting pressure on the United States.
08:01You are also safeguarding and protecting vital jobs here at home right at this moment.
08:05The reason for this is that the new businesses currently being impacted by these tariffs
08:10are in many instances the very same brands that you encounter in your own home
08:14while shopping at the local grocery store
08:16or perhaps even while browsing the aisles at Canadian Tire, for instance.
08:20It is so incredibly important right now that we make a conscious effort to buy Canadian
08:26because these new tariffs are not just limited to steel, aluminum, and cars,
08:31which was already a painful situation,
08:33but they are now impacting the various companies you might find at your local grocery store
08:38or within the many different markets and shops that you visit on a regular basis.
08:44The reason for this is that the new tariffs are being applied to various key economic sectors
08:49such as beverages, food products, and forest products,
08:53which even includes items like hockey sticks among a wide variety of other things.
08:59So you clearly hold power over the situation.
09:02And that is why I spoke this morning with the Quebec Retail Council,
09:07specifically to ensure it is clear at the grocery store and in our various shops
09:12exactly what is from Quebec and what is Canadian.
09:17As for the rest, continue also to pivot to work with new allies.
09:22For the rest, we are going to continue to make this necessary shift
09:26by working closely alongside our new allies and our established trade partners
09:30because it is essential that we position Canada as a preferred partner for global investment
09:35and ensure that our businesses have reliable access to better markets.
09:40We are actively choosing our own path forward.
09:43We simply cannot wait for Washington to dictate our future.
09:46We are strengthening our economy and building a...
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