As tensions continue to boil between Canada and the United States, Prime Minister Mark Carney is introducing new policies to bolster the Canadian economy.
“We know we need to act now. Invest now. Precisely when it’s hard,” said Carney in Mississauga, Ontario.
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BUY CANADIAN
Amidst the U.S.-Canada trade war, more and more Canadians have been opting to buy Canadian goods. This means avoiding products produced outside of Canada, if possible. The Canadian Government looks to double down on this measure by introducing the “Buy Canadian Policy”.
“The government will introduce a new policy to ensure the federal government buys from Canadian suppliers, require local content when domestic suppliers are unavailable, extend this approach to all federal funding streams and Crown corporations, and provide a roadmap for provinces and municipalities to apply similar standards to their own procurement,” reads a news release from the Prime Minister of Canada.
The government will now shift toward an obligation to buy Canadian, as opposed to best efforts.
FURTHER MEASURES
Carney will also be introducing a series of other measures “for workers and businesses in those sectors most impacted by U.S. tariffs and trade disruptions.”
- A strong, confident workforce
- A new Strategic Response Fund
- Immediate liquidity relief
- Assisting Canada’s canola and agriculture producers
- Regional Tariff Response Initiative
Further driving Canada’s economic transformation will be the government’s recently-launched Major Projects Office. This office plans to “fast-track nation-building projects, and will soon launch Canada’s Defence Industrial Strategy, Canada’s new Trade Diversification Strategy, and Build Canada Homes.”
The news release notes that Carney’s measures are intended to build a solid foundation of Canadian industries while also being diversified by international trade. For more information on the measures, you can read them here.
