Canada to Roll Out Stimulus For Sectors, Firms Hit By New 50% U.S. Tariff
By Paul Vieira
OTTAWA--Canadian Finance Minister François-Philippe Champagne said he will introduce in short order programs to support workers and firms directly hit by the Trump administration's new 50% tariff.
Speaking to reporters in Montreal, Champagne said officials had initiatives prepared in the event of a breakdown in trade talks this month. The U.S. and Canada ended talks late Friday night, with Canada saying that the U.S. was demanding too much and offering little in return.
Champagne added Canada has the fiscal capacity to help the economy through this transition period. "We need to pivot to say we're going to be there for workers, for businesses, we will be there for industry," Champagne said.
The finance minister is scheduled to introduce a 2026 budget plan this fall, and economists anticipate a pickup in spending to address damage done by the new tariff. Furthermore, President Trump on Monday threatened to lift tariffs on Canadian motor vehicles to 50%, and the duty would apply to previously exempt Canadian-made auto parts.
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
August 24, 2026 12:20 ET (16:20 GMT)
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