Prime Minister Mark Carney visited St. John’s on Monday to unveil an $80 million tariff-relief fund for small and medium-sized businesses in Atlantic Canada. The funding, part of a $1 billion initiative for Canadian businesses affected by American tariffs, will be administered through the Atlantic Canada Opportunities Agency. Carney emphasized that the financial support aims to assist businesses in expanding into new markets, enhancing supply chains, and adapting to modern challenges.
In response to queries regarding funding sources, Carney stated that the federal government plans to finance the initiative by reducing unnecessary spending to create room for supporting businesses to invest in their future. He highlighted that the allocation of funds to Atlantic Canada exceeds the region’s population and gross domestic product proportions. Carney mentioned potential opportunities for the seafood industry, including innovative packaging tailored for European markets.
The announcement comes amid trade uncertainties stemming from tariffs imposed by U.S. President Donald Trump. Carney had recently announced an increase in funding and a “buy Canadian” policy, elevating the Regional Tariff Response Initiative from $450 million to $1 billion.
The funding announcement event at the Newdock shipyard in St. John’s featured Fisheries Minister Joanne Thompson, Newfoundland and Labrador Premier John Hogan, and Qalipu First Nation Chief Jenny Brake. Brake expressed the significance of the funding for Newdock, emphasizing the strength in cooperation during uncertain times.
The Atlantic Chamber of Commerce lauded the announcement, highlighting its regional focus and its potential to empower businesses to explore new markets, streamline supply chains, and boost productivity for long-term economic stability and growth.
During the event, numerous Liberal candidates for the upcoming provincial election were present in support of Prime Minister Carney. Hogan, yet to declare an election date, engaged with Carney post-announcement and scheduled a working lunch with him, followed by meetings with regional energy leaders later in the day.