Canada’s Carney unveils billions in relief hit by Trump and China tariffs
The PM also touted a ‘Buy Canadian’ programme, as a trade war with the US and Chinese duties on canola, pork and seafood pummel the economy
Canadian Prime Minister Mark Carney on Friday rolled out a multibillion-dollar relief package for businesses battered by tariffs imposed by both the US and China.
Carney said his government will invest C$5 billion (US$3.6 billion) through a new fund to help firms adapt, diversify and grow, as well as boost Business Development Bank of Canada loans for small and medium-sized businesses and expand a loan facility for tariff-hit large enterprises.
He also said his government would waive 2026 model year vehicles from Canada’s zero-emission standard and review the overall mandate.
The government will provide C$370 million to producers of biofuels such as canola, he added, and amend clean fuel regulations to support the industry.
“We cannot control what other nations do. We can control what we give ourselves – what we build for ourselves,” Carney said in a statement.
“In the face of uncertainty around the world, we are ensuring that our workers and businesses will prosper by building Canada’s strength at home.”