The Canadian government unveiled a new package of support programs on Friday to assist businesses and workers affected by US tariffs.

According to a press release by the country's Department of Finance, the Trade Impact Program will deploy 5 billion Canadian dollars (3.5 billion US dollars) over the next two years to help businesses cope with decreased US sales and reach new global markets.

A total of 500 million Canadian dollars will be available for business loans at preferential interest rates, with an additional 1 billion Canadian dollars explicitly designated for loans to the agricultural sector.

Additionally, the government is introducing temporary flexibility into the employment insurance program to help businesses retain workers by reducing work hours.

Under the new measures, "employees can reduce their hours, spread the work across the same number of employees while compensating those employees through (employment insurance) for lost time or lost wages," Employment Minister Steven MacKinnon said during a news conference in Ottawa on Friday.  

Xinhua/RSS