Canada announces tariff relief and economic growth measures

Canadian Prime Minister Mark Carney has announced new measures to help businesses and workers affected by tariffs from the United States. His announcement comes just days before he is expected to call for an election. Carney aims to ease the financial burden on Canadian companies facing US import taxes. The Canadian government will allow businesses to delay payments of corporate income tax and consumption tax from April 2 to June 30. Carney stated this would help keep businesses running and protect the economy during ongoing trade tensions. Additionally, a new financing facility will be established to assist affected workers in accessing support programs. Carney also unveiled a plan to boost regional development with a C$450 million ($314 million) investment over five years. This funding aims to support small and medium-sized businesses impacted by tariffs. The Prime Minister emphasized that Canada is facing a crisis not of its own making. To further stimulate investment and trade, Carney introduced initiatives to reduce barriers and harmonize regulations between Canada's provinces and territories. He believes that removing internal trade obstacles could increase Canada’s economy by C$250 billion. Among other plans, the government is working on a national trade and energy corridor strategy. This strategy will focus on improving transportation, energy, and digital connectivity across the country. Upcoming legislation will also aim to streamline inter-provincial trade and simplify the approval process for major projects by recognizing provincial assessments. The Canadian government is set to enhance its indigenous loan guarantee program to C$10 billion. It will also collaborate with provinces and indigenous groups to identify significant projects, aiming to expedite their development. Examples include investments in key infrastructure like the port of Churchill and liquid natural gas facilities on the west coast.