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. We must build our strength at home.
Canada’s new government is building a new industrial strategy to meet this moment and transform our economy to be more resilient to global shocks. Last week, the Prime Minister, Mark Carney, announced the most comprehensive suite of trade resilience measures in Canadian history. This 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). This initiative will provide $1 billion to small and medium-sized enterprises impacted by tariffs so they can diversify their markets, create new revenue sources, and adopt innovative technologies to boost competitiveness.
Today, in St. John’s, Newfoundland and Labrador, the Prime Minister announced that $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.
The RTRI, along with the other new measures announced last week, will ensure our businesses have the tools they need to drive Canada’s economic transformation and seize its opportunities.
Quotes
“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. 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.”
“Our government is bringing forward new measures that will build a strong Canadian economy that is responsive to the needs of industry and workers across Canada. 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.”
“Fish and seafood are among Canada’s largest food exports. This investment backs the seafood sector and the coastal and rural communities it sustains. The Government of Canada will always stand up for Atlantic Canadians, and we will keep working with industry and partners to protect and grow our fisheries and aquaculture, now and in the long run.”
“Atlantic Canadian businesses are turning challenges into opportunities. Through the Regional Tariff Response Initiative, we are supporting those most impacted by tariffs by helping them manage costs, expand into new markets, and strengthen their operations. This investment is about protecting good jobs today, creating new ones for tomorrow, and ensuring the communities that make our region strong continue to thrive.”
Quick facts
- The RTRI was announced in March 2025, with an initial investment of $450 million. Delivered by Canada’s regional development agencies, it supports small and medium-sized enterprises directly or indirectly impacted by tariffs, along with not-for-profit organizations that help businesses manage trade disruptions.
- The RTRI offers repayable and non-repayable contributions for eligible impacted businesses, with non-repayable support of up to $1 million.