Canadian Finance Minister Dominic LeBlanc is formulating a 2025 budget with plans to provide temporary support to regions, sectors, and workers affected by potential trade disruptions with the US, particularly in light of President Trump's threats of tariffs on Canadian goods. The government is actively promoting existing employment insurance programs and exploring options for additional support, including wage subsidies and loan programs.
Finance Minister Dominic LeBlanc is preparing a 2025 budget and has asked federal ministers to provide advice on how to respond to trade disruptions with a plan that will 'provide temporary support' to affected regions, sectors and workers.The federal government is facing pressure to lay out a plan to support workers and businesses should U.S. President Donald Trump go ahead with his plan to impose tariffs on Canadian goods next month.
While it was much larger in scale, the pandemic provides recent experience of emergency federal programs to support workers and businesses during a major spike in unemployment. Most of the money was spent on direct support for unemployed workers through programs such as the Canada Emergency Response Benefit and for businesses via the Canada Emergency Wage Subsidy to reduce the need for layoffs.
“We need to be able to make sure that workers know that we’ve got their backs and that government has their backs. And so it has to start with a robust EI package,” she said in an interview. Dennis Darby, president and CEO of the Canadian Manufacturers and Exporters, will also attend Friday’s meeting. He said business leaders would appreciate knowing what Ottawa has in mind so they can plan.
Mr. Kelly said some form of direct wage or loan supports for businesses would be welcome and he’s been in discussions with federal officials about options. He said he’s concerned though that with a federal election potentially just weeks away, politicians may be tempted to spend more broadly than the situation warrants.
“I don’t think that we would necessarily need to design some different program or do some different package to help people,” he said.economics professor Michael Smart recently co-authored a research paper looking at the employment effects of the government’s pandemic-era wage subsidy.
TRADE DISRUPTIONS TARIFFS ECONOMIC SUPPORT EMPLOYMENT INSURANCE CANADIAN ECONOMY
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Border Mayor Prepares for Potential Tariff ImpactA mayor from Cornwall, Ontario, anticipates a decrease in cross-border traffic if President-elect Donald Trump imposes tariffs on Canadian goods. The potential impact on businesses and residents on both sides of the border raises concerns.
Read more »
Canada Prepares for Potential U.S. Tariffs as Trump Takes OfficeCanadian Finance Minister LeBlanc declares all options are on the table as the incoming U.S. President-elect Trump threatens tariffs. Meanwhile, other news stories cover a tragic fire in Nova Scotia, a shooting involving RCMP, rising gastroenteritis cases at a university, and a closed murder trial in Saskatchewan.
Read more »
Canada Prepares for Potential Trade War with U.S. Over Trump's Tariff ThreatsCanada is bracing for a potential trade war with the United States as President Donald Trump threatens to impose tariffs on Canadian goods. Premiers met with Prime Minister Justin Trudeau to discuss a strategy, leaning towards retaliatory measures. However, not all premiers agree on the approach, with some advocating for alternative solutions.
Read more »
Canada Prepares for Potential Surge of Asylum Seekers from the USCanada is bolstering its border security measures in anticipation of a possible influx of asylum seekers fleeing President Trump's immigration policies. The government is requesting the use of provincial jails, deploying drones, helicopters, and infrared cameras, and acquiring new technology to enhance surveillance. While recent data suggests a decline in asylum seekers from the US, experts predict an increase as Trump's crackdown intensifies.
Read more »
Canada Prepares for Economic Impact of Potential US TariffsThe Canadian government is preparing a stimulus package to mitigate the economic impact of potential U.S. tariffs on Canadian goods, according to sources. The aid package, which could reach pandemic-level relief, will depend on the scope of the tariffs imposed by President Donald Trump. While Trump has delayed his initial threat of a 25% tariff on Canadian imports, he has indicated the possibility of levying tariffs as early as February 1st. Canadian Prime Minister Justin Trudeau has stated that the government will support Canadian consumers and businesses in the event of a trade war.
Read more »
Canada Prepares for Potential Tariff Threat, Celebrities Face Trial, Scientists Track BeesThis news roundup covers a range of stories, from international trade tensions to celebrity lawsuits, scientific advancements, and seasonal weather patterns. It also explores trending topics in online shopping.
Read more »