St. John’s, NL (Rajeev Sharma): As global trade tensions reshape economic priorities, Prime Minister Mark Carney today announced an $80 million investment dedicated to helping businesses in Atlantic Canada navigate the new realities of international commerce. The funding, part of the recently launched Regional Tariff Response Initiative (RTRI), aims to assist industries hardest hit by shifting U.S. trade policies and rising tariffs.
The announcement was made in St. John’s, Newfoundland and Labrador, where Carney emphasized the need for a robust and adaptive economic strategy in response to mounting global uncertainty.
Strengthening Economic Resilience in Atlantic Canada
The $80 million allocated to Atlantic Canada is a portion of the $1 billion RTRI fund unveiled last week as part of Canada’s broader trade resilience package. The initiative is designed to support small and medium-sized enterprises (SMEs) struggling with the ripple effects of tariffs and disrupted supply chains.
Key sectors in the region — including seafood, steel, and manufacturing — are expected to benefit directly from the investment, which will fund modernization efforts, job protection measures, market diversification strategies, and the adoption of new technologies.
“Atlantic Canadians have built incredible industries that power this region and our country,” said Carney during his remarks. “As they face trade pressures and uncertainty, Canada’s new government is making major investments that will enable those workers and businesses to bridge to the future – and thrive in it.”
A National Strategy for a New Global Trade Era
Today’s announcement follows the unveiling of Canada’s most comprehensive trade resilience strategy to date, aimed at buffering the domestic economy from the fallout of increasing global trade friction — particularly with the United States, which is in the midst of redefining its trade architecture.
The federal strategy includes:
- A $5 billion Strategic Response Fund to help industries adapt and expand
- Workforce training and income support programs
- A Buy Canadian Policy to reinforce domestic supply chains
- Immediate liquidity relief for businesses under strain
- A significantly bolstered RTRI program targeting SMEs
According to the federal government, these measures are part of a broader effort to ensure Canadian businesses remain globally competitive and resilient amid rising protectionism and international economic volatility.
Support for Atlantic Industries
With many Atlantic businesses heavily reliant on exports — particularly to the U.S. — the new funding will help mitigate tariff-related costs and support strategic pivots to new markets. The seafood industry, a backbone of the Atlantic economy, has faced increased logistical and cost challenges in recent months, while steel and manufacturing firms have been navigating heightened cross-border trade barriers.
Local business leaders and regional development organizations have welcomed the funding as a timely and necessary intervention.
“This investment couldn’t have come at a better time,” said a spokesperson from the Atlantic Canada Opportunities Agency. “Many SMEs here are facing tremendous pressure, and this support will give them a real shot at adapting, innovating, and continuing to grow despite global headwinds.”
Carney’s Economic Vision
Prime Minister Carney’s comments underscore the government’s shift toward long-term economic resilience. His administration has emphasized industrial strategy and domestic capacity-building as key pillars of Canada’s future economic direction.
“Our core mission is building Canada’s economic strength to create more certainty and prosperity for Canadians,” Carney said. “That comes down to our workers and businesses – those that build our economy and make Canada strong.”
As the federal government continues to roll out its trade resilience initiatives, more targeted announcements for other regions and sectors are expected in the coming weeks.
