Canada will tighten the rules on steel imports and offer more financial help for lumber producers, aiming to stem losses in two industries targeted by U.S. tariffs.

Prime Minister Mark Carney’s government will lower the tariff-rate quota level for steel imports from countries with which Canada doesn’t have a trade agreement to 20% from 50%, according to a person familiar with the government’s plans. That means steel produced in those nations will face a tariff when their volumes exceed 20% of what they sold to Canadian buyers last year.

The government will also add C$500 million ($355 million) to a loan program to help companies in the softwood lumber business, said the person, speaking on condition they not be identified because the matter is still private.

The announcement will be mad

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