Tuesday September 9, 2025 | NATIONAL NEWS ANALYSIS
by Mary P Brooke | Island Social Trends
Carney’s Liberal government says it is building a new industrial strategy ‘to meet this moment’ and to work on transforming the economy to be more resilient to global shocks.
This is the new wording for what was ‘Building Canada Strong’ and ‘elbows up’ during the spring federal election campaign.
The global trade landscape is rapidly changing, as the United States fundamentally transforms all of its trading relationships. The effect is profound – displacing workers, disrupting supply chains, and causing uncertainty that is curbing investment. Canada has the best deal of any U.S. trading partner – yet we cannot rely on our most important trade relationship as we once did.
Domestic economic resilience is key as well as broadening to new (or expanding existing) trade relationships with countries other than the United States. It’s pretty simple, as the old saying goes — don’t put all your eggs in one basket.
Last week, Prime Minister Mark Carney announced what is being called the most comprehensive suite of trade resilience measures in Canadian history.
That includes investments in workforce training and income supports, a new Strategic Response Fund with $5 billion to help industries adapt and grow, a Buy Canadian Policy to strengthen domestic supply chains, immediate liquidity relief for businesses, and a strengthened Regional Tariff Response Initiative (RTRI).
Yesterday, Carney began this week with a substantive funding announcement in Atlantic Canada: $80 million from the RTRI will be dedicated to businesses in Atlantic Canada. Support from the RTRI will help industries across the region that have been most affected by tariffs modernize their operations, protect jobs, and unlock new opportunities for growth at home and abroad – including for the seafood, manufacturing, and steel sectors.
As the nation-wide strategy is rolled out, more funding announcements are expected in other regions of Canada. At the Liberal retreat in Edmonton today, the talk is about what is important to each region. Minsters and Ministers of State are likely expected to bring their best ideas to the decision-making table.
Carney said that “immediate liquidity relief” is needed in order to adjust — providing support and time.
He noted that supports for medium and small businesses are included in that — to invest, endure and thrive. “So businesses can pivot to grow,” said Carney. Half of Canada’s ocean economy is in Atlantic Canada, he noted.
Canada is particularly supporting the steel and aluminum industries, said Carney.
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