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Carney Unveils $80M Boost to Shield Atlantic Canadian Businesses from Tariff Pressures
Prime Minister Mark Carney made an announcement at the Newdock shipyard in St. John's on Monday.
Prime Minister Mark Carney has announced an $80-million tariff-relief fund aimed at supporting small and medium-sized businesses across Atlantic Canada. The funding, part of Ottawa’s larger $1-billion Regional Tariff Response Initiative, will be delivered through the Atlantic Canada Opportunities Agency.
Speaking at the Newdock shipyard in St. John’s alongside Fisheries Minister Joanne Thompson and Newfoundland and Labrador Premier John Hogan, Carney said the initiative is designed to help businesses expand into new markets, strengthen supply chains, and modernize operations. He emphasized that the allocation is proportionally higher than the region’s share of Canada’s GDP, underscoring the government’s commitment to Atlantic industries.
The seafood sector, hit hard by retaliatory tariffs from China following Canada’s levies on Chinese electric vehicles, is expected to be a key beneficiary. Carney also hinted at opportunities for innovation, such as advanced packaging tailored for European markets.
The announcement comes amid heightened trade tensions with the United States, with Carney reiterating the need for Canada to diversify its trade relationships and reduce reliance on a single partner.
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