Carney announces $80M tariff-relief fund for Atlantic Canadian businesses
Posted on: Sep 08, 2025 17:47 IST | Posted by: Cbc
ground government minister deutsche mark Carney was in St. John's on mon to denote an $80-million tariff-relief fund for small and medium-sized businesses in Atlantic Canada.
The money will flow through the Atlantic Canada Opportunities Agency as part of the larger $1-billion fund for Canadian businesses affected by American tariffs.
Carney said the money is geared to help businesses expand into new markets and strengthen supply chains.
"This funding will help equip Atlantic Canadian industries with the tools they need to respond to modern challenges. To innovate. To modernize. To expand operations and customer bases. To take full advantage of new opportunities," Carney said.
Carney pledges $80M to help Atlantic Canadian businesses hurt by tariffs
When asked how the federal government would pay for the initiative, Carney said it would come from reducing waste in "unnecessary federal spending … so we have the room, we have the force to support our business so they can invest for the future."
Canadian businesses have dealt with plenty of uncertainty since U.S. President Donald Trump took office for a second term and began dishing out tariffs to its trading partners, including 50 per cent tariffs on strategic sectors such as steel and aluminum.
Carney announced billions in funding and a "buy Canadian" policy last week, which included raising the Regional Tariff Response Initiative from $450 million to $1 billion.
Monday's funding announcement took place at the Newdock shipyard in St. John's, alongside Fisheries Minister Joanne Thompson and Newfoundland and Labrador Premier John Hogan.
After the announcement, Carney will have a working lunch with Hogan, and then meet with regional energy leaders later in the afternoon.
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