Canada Rolls Out USD141B Budget to Protect Economy from U.S. Tariffs
(MENAFN) The Canadian government rolled out a CAN$141 billion (US$121 billion) budget on Tuesday aimed at countering the effects of U.S.-imposed tariffs and bolstering the domestic economy, Prime Minister Mark Carney said.
The path to approval, however, remains uncertain. The ruling Liberal Party holds a minority in Parliament and will require at least three additional votes from opposition parties to pass the measure.
The budget targets Canadians who have lost—or could lose—their jobs due to American tariffs and seeks to dissuade manufacturers and businesses from relocating to the United States to evade them.
Carney described the budget as containing several “bold” initiatives, if approved by lawmakers.
The CAN$141 billion in proposed spending would be partially offset by about CAN$51 billion in cuts and savings. The government plans to reduce 40,000 public-sector positions while directing funds toward large-scale construction projects to expand housing and generate employment opportunities.
Defense expenditures are set to increase to CAN$81 billion over five years. The budget also aims to accelerate CAN$500 billion in private investment in sectors including mining, nuclear power, and liquefied natural gas. Additionally, it calls for a CAN$2.7 billion reduction in foreign aid over four years and introduces a program requiring refugees to contribute to their health-care costs.
“The rules-based international order and the trading system that powered Canada’s prosperity for decades are being reshaped – threatening our sovereignty, our prosperity, and our values,” Finance Minister Philippe Champagne said.
The Liberals argue that the new budget is the solution.
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