Prime Minister Mark Carney was in St. John’s on Monday to announce 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.”
Carney said the distribution of money to Atlantic Canada is more than proportionate to the population and gross domestic product for the region. He said there could be potential applications for the seafood industry, such as innovative packaging techniques “tailored for high-demand European markets.”
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.
Also in attendance was Qalipu First Nation Chief Jenny Brake, whose group is a majority partner in Newdock alongside Membertou First Nation in Nova Scotia.
Brake said Newdock has been “nervous” about tariff uncertainties, and will be trying to secure a chunk of the $80 million in funding.
“At a time when that uncertainty comes, we’re banding together,” Brake said. “We know that there’s strength in cooperation. We’re leaning into that hard.”
There was a sea of red at St. John’s harbour on Monday afternoon, as no fewer than a dozen Liberal candidates for the forthcoming provincial election were in attendance.
They greeted Carney wharfside, shaking hands and taking pictures after the announcement.
Hogan has yet to call an election — though a flood of provincial government announcements suggests the call could be coming any time now.
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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