By Merve Aydogan
HAMILTON, Canada (AA) - Canadian Prime Minister Mark Carney announced $80 million in federal support Monday for businesses in Atlantic Canada to help industries most affected by tariffs.
The funds are part of the larger Regional Tariff Response Initiative (RTRI) that "will provide $1 billion to small and medium-sized enterprises impacted by (US) tariffs so they can diversify their markets, create new revenue sources, and adopt innovative technologies to boost competitiveness," said a statement by the Prime Minister's office.
The measure is also part of Ottawa's broader industrial strategy to strengthen the economy amid shifting global trade dynamics.
"Our core mission is building Canada's economic strength to create more certainty and prosperity for Canadians. That comes down to our workers and businesses, those that build our economy and make Canada strong," Carney said during remarks in the city of St. John's in Newfoundland and Labrador province.
He also noted that "Atlantic Canadians have built incredible industries that power this region and our country and bring the best of Canada to trade partners throughout the world. 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."
Highlighting the scope of the new measures, Industry Minister Melanie Joly said "the Strategic Response Fund, Buy Canadian Policy, Regional Tariff Response Initiative, and other measures will help businesses adapt to the new economic landscape, diversify their markets, and stabilize their supply chains."
"We must meet this moment to build long-term prosperity in all regions of our country," Joly affirmed.