The federal government is offering $1.5-billion in support to industries hit hard by protectionist U.S. tariffs, including the steel, aluminum and copper sectors.

Industry Minister Mélanie Joly and Digital Innovation Minister Evan Solomon announced a new $1-billion Business Development Bank of Canada program to extend loans on “favourable terms” to industries that manufacture and export products containing steel, aluminum or copper.

They said the financing assistance is intended to provide “rapid liquidity to viable businesses facing significant economic challenges.”

The ministers cited changes to existing U.S. tariffs on steel, aluminum and copper April 6 that significantly increased the pain on Canadian manufacturers already struggling with rising costs and uncertain access to the American market.