A man at a podium in front of a ship.Prime Minister Mark Carney made an announcement at the Newdock shipyard in St. John’s on Monday. (Heather Gillis/CBC)

Prime Minister Mark Carney was in St. John’s on Monday to announce an $80-million tariff-relief fund for small and medium-sized businesses in Atlantic Canada.

The money will flow through the Atlantic Canada Opportunities Agency as part of the larger $1-billion fund for Canadian businesses affected by American tariffs.

Carney said the money is geared to help businesses expand into new markets and strengthen supply chains. 

“This funding will help equip Atlantic Canadian industries with the tools they need to respond to modern challenges. To innovate. To modernize. To expand operations and customer bases. To take full advantage of new opportunities,” Carney said.

WATCH | Mark Carney speaks at St. John’s harbour: 

Carney pledges $80M to help Atlantic Canadian businesses hurt by tariffs

Prime Minister Mark Carney allocated $80 million out of the billion-dollar tariff-relief fund for businesses in Atlantic Canada. Carney made the announcement at a busy shipping facility in St. John’s.

When asked how the federal government would pay for the initiative, Carney said it would come from reducing waste in “unnecessary federal spending … so we have the room, we have the force to support our business so they can invest for the future.”

Canadian businesses have dealt with plenty of uncertainty since U.S. President Donald Trump took office for a second term and began dishing out tariffs to its trading partners, including 50 per cent tariffs on strategic sectors such as steel and aluminum.

Carney announced billions in funding and a “buy Canadian” policy last week, which included raising the Regional Tariff Response Initiative from $450 million to $1 billion.

Monday’s funding announcement took place at the Newdock shipyard in St. John’s, alongside Fisheries Minister Joanne Thompson and Newfoundland and Labrador Premier John Hogan.

After the announcement, Carney will have a working lunch with Hogan, and then meet with regional energy leaders later in the afternoon.

Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Sign up for our daily headlines newsletter here. Click here to visit our landing page.