Prime Minister Mark Carney visited St. John's on Monday to announce an $80-million tariff-relief fund for small and medium-sized businesses in Atlantic Canada. The funding will be distributed through the Atlantic Canada Opportunities Agency as part of a larger $1-billion federal initiative for businesses affected by U.S. tariffs.
Carney explained that the fund is designed to help businesses grow into new markets, strengthen their supply chains, and modernize operations.
"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.
When asked how the government would finance the initiative, Carney said it would come from reducing waste in “unnecessary federal spending,” ensuring there is room to support businesses and allow them to invest in their future.
He noted that the distribution of funds to Atlantic Canada is more than proportionate to the population and the region’s contribution to the national GDP. Carney also highlighted that industries like seafood could benefit from innovative packaging for high-demand European markets.
Since the re-election of U.S. President Donald Trump, Canadian businesses have faced uncertainty due to tariffs imposed on trading partners, including a 50 per cent tariff on key sectors such as steel and aluminum. In response, Carney recently increased funding under the Regional Tariff Response Initiative from $450 million to $1 billion, along with introducing a “buy Canadian” policy to help domestic businesses.
The announcement took place at Newdock shipyard in St. John’s, with Fisheries Minister Joanne Thompson and Newfoundland and Labrador Premier John Hogan present. Qalipu First Nation Chief Jenny Brake, whose group is a majority partner in Newdock alongside Membertou First Nation in Nova Scotia, welcomed the 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."
The Atlantic Chamber of Commerce also praised the announcement.
"Prime Minister Carney's announcement represents a vital step forward for Atlantic businesses impacted by trade uncertainties," said chamber CEO Rhonda Tulk-Lane. "We are especially pleased to see the regional focus of this announcement, as it empowers companies to pursue new markets, streamline supply chains and invest in productivity — directly addressing our region's priorities for long-term economic stability and expansion."
A strong Liberal presence was noted at St. John’s harbour during Carney’s visit, with several provincial candidates greeting the Prime Minister. Though Premier Hogan has yet to call an election, a series of government announcements suggests one may be imminent.
After the announcement, Carney held a working lunch with Premier Hogan and later met with regional energy leaders to discuss further support for Atlantic Canada’s industries.
A missile strike on an energy facility in Russia's Belgorod area raises alarms over security and inf
The US launched strikes on missile sites and Iranian vessels in southern Iran while peace negotiatio
Sheikh Mohamed bin Zayed's debt relief initiative grants AED 834 million to help 2,339 retirees acro
Andrei Svechnikov scored the overtime winner as the Carolina Hurricanes defeated the Montreal Canadi
