Canada’s export credit agency is broadening the scope of its trade programme to support the country’s exporters hit by escalating US tariffs as the rift between the two neighbours intensifies.
Export Development Canada (EDC) said it would expand the scheme, which helps tariff-hit businesses access capital and diversify their exports, from September 1 “in response to the current trade environment”.
EDC first launched the Trade Impact Program (TIP) in March 2025 after the first wave of Trump-era tariffs on Canadian steel and aluminium, committing up to C$5bn (US$3.5bn) in additional financing and insurance capacity over two years to support eligible exporters.
TIP had deployed approximately C$3bn as of August 2026 through more than 6,000 transactions, supporting over 800 Canadian companies, according to the export credit agency.
The expanded version adds a C$700mn envelope of direct financing “designed to complement facilities” already offered by exporters’ own banks, and is targeted particularly at small- and medium-sized businesses expected to be hardest hit by the new tariffs, EDC said.
The Canadian export credit agency also pledged to “take on more risk to give more businesses access to TIP support as they adapt to the state of international trade”.
The move follows the collapse of trade talks between Washington and Ottawa over the past week. After the US imposed 50% tariffs on around US$20bn of Canadian goods – roughly 5.5% of the country’s exports across the border – from August 22, Canadian Prime Minister Mark Carney promised to match Trump’s tariffs “dollar for dollar”.
His finance minister, François-Philippe Champagne, has since confirmed retaliatory measures on hundreds of US goods, including steel, dairy, furniture, appliances and clothing. The government has also launched a C$7.5bn (US$5.41bn) package of economic support measures.
“We are reaffirming our commitment to helping Canadian businesses navigate the impacts of tariffs and build long-term resilience,” said Alison Nankivell, president and CEO of EDC.
“By expanding our risk appetite and strengthening the Trade Impact Program, we’re ensuring more companies will have the financing, insurance and support they need to manage risk, seize new opportunities and grow with confidence,” Nankivell said.
EDC’s trade finance initiative offers exporters increased working capital access, longer tenors on term loans, extended pre-shipment coverage for receivables, foreign exchange hedging solutions and adapted coverage for certain customs obligations.
TIP serves businesses of all sizes, but it has a particular focus on those facing heightened trade and tariff pressures, including in the steel, aluminium, automotive and agri-food industries.
Support so far has been delivered to companies across the country, including Ontario (31%), Quebec (26%), Western Canada (23%) and Atlantic Canada (20%), according to EDC.
Earlier this year, the Business Development Bank of Canada also announced a package of up to C$1bn in favourably priced loans to steel, aluminium and copper producers whose businesses have become unviable due to escalating tariffs.
