Carney announces tariff relief and economic reforms in Canada

Canadian Prime Minister Mark Carney has introduced several new measures to counteract the economic impact of U.S. tariffs. These announcements come just before he is expected to call for an election. Carney stated that Canada will allow businesses to delay payments on corporate income tax and consumption tax from April 2 to June 30. This initiative aims to ease the financial burden of U.S. import taxes proposed by President Donald Trump. In addition, a new government financing facility will be established. It will also be easier for affected workers to access government support programs. Carney emphasized that these actions are necessary to protect the economy during the ongoing trade conflict. Industry Minister Anita Anand has announced a budget of C$450 million ($314 million) over five years to aid regional development agencies supporting small and medium-sized businesses impacted by tariffs. Canada has already retaliated against U.S. tariffs with its own measures. Carney also announced plans to boost investment and streamline trade between Canada’s provinces and territories. By harmonizing regulations, he believes this could significantly grow the economy. Carney's strategy also includes a "first-mile fund" to improve transport networks and doubling the size of the indigenous loan guarantee program to C$10 billion. The government will collaborate with provinces and indigenous groups to expedite key projects, such as those related to natural resources and infrastructure.