New BrunswickFinancial support for Canada’s softwood lumber sector can be expected soon, the federal industry minister told a Fredericton business group on Wednesday.Support the prime minister promised in face of tariffs has yet to come aboutJordan Gill · CBC News · Posted: Oct 15, 2025 3:38 PM EDT | Last Updated: 2 hours agoFederal Industry Minister Mélanie Joly says support for the softwood lumber sector will take different forms. (CBC)Financial support for Canada’s softwood lumber sector can be expected soon, the federal industry minister told a Fredericton business group on Wednesday.Mélanie Joly said the support will include funding that will be distributed from banks but backed up by the Business Development Bank of Canada.In August, Prime Minister Mark Carney promised $1.25 billion for the sector, but that money has yet to be distributed.While Joly didn’t specify how much money the New Brunswick industry can expect, she told the Fredericton Chamber of Commerce the amount will be based on need.She also said the funding would take different forms.WATCH | Industry minister defends Ottawa’s support for softwood lumber industry:Money for embattled softwood lumber industry coming soon, minister saysPrime Minister Mark Carney promised $1.25 billion for the sector in August, but that money has yet to flow. Federal Industry Minister Melanie Joly says payments will start in the next couple of days. “That there is a mix,” she said. “There is support for operations, so liquidity support because we know that lots of companies can be stuck in a spiral of debt while they’re dealing with really difficult tariffs that are unjustifiable. “And meanwhile, there is … funding for capital expenditure for them to continue to invest in their companies.”New tariffsThe funding comes after U.S. President Donald Trump announced new tariffs on Sept. 30.Trump announced a further 10 per cent tariff on softwood lumber, in addition to an already existing 35 per cent tariff, and 25 per cent duty on some finished wood products, including cabinets and upholstered furniture. These tariffs came into effect Tuesday.Duties are to increase Jan. 1 to 30 per cent for upholstered furniture and 50 per cent for cabinets and vanities.In addition to new funds, Joly also said the federal government was working on a buy Canadian program “to have our homes and our major projects … being built with the great softwood from New Brunswick.”ABOUT THE AUTHORJordan Gill is a CBC reporter based out of Fredericton. He can be reached at jordan.gill@cbc.ca.With files from Silas Brown
Funding for softwood industry imminent, federal minister says
