TORONTO (Reuters) - Canada’s industry minister said on Friday that the federal and Ontario governments have agreed to provide aid to automakers as soon as the U.S. government approves a rescue package.
Industry Minster Tony Clement told reporters said he expects the U.S. administration to move forward with a multibillion-dollar aid package “very soon” despite the failure of a $14 billion proposal in the Senate.
Clement said the amount of money Canada and Ontario are proposing is based the country’s 20 percent share of the auto industry. Based on the $14 billion U.S. proposal, that would amount to $2.8 billion or about C$3.5 billion.
Reporting by John McCrank, writing by Jeffrey Jones; editing by Rob Wilson