Carney announces new measures to shield Canadian industries from U.S. tariff impact

Prime Minister Mark Carney has announced a series of new federal initiatives aimed at supporting Canadian industries facing challenges due to U.S. tariffs.

At the centre of the plan is a $5-billion fund designed to assist businesses across all sectors affected by the tariffs. The federal government also plans to adopt a new “Buy Canadian” procurement policy to prioritize domestic goods and services.

Additional measures include targeted assistance for the canola industry and a one-year postponement of the electric vehicle sales mandate.

Support for small and medium-sized enterprises will also be expanded through increased access to loans and financial aid, as well as new measures to help workers acquire new skills.

Carney emphasized the need to reduce economic dependence on the United States, stating that the government’s updated industrial strategy is focused on building a more self-reliant and shock-resistant Canadian economy.

These policy moves come as Canada continues negotiations with the administration of U.S. President Donald Trump, whose tariff actions have impacted global trade.

This is a developing news story. More to come.

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