Factories and storefronts across Canada woke Friday to the promise of sweeping change, as Prime Minister Mark Carney revealed a bold industrial strategy set to alter the economic landscape for local businesses.
Speaking from Mississauga, Carney outlined a plan that pledges billions in support for workers and industries reeling from the disruptive tariffs imposed by U.S. President Donald Trump. This strategy, the first of its kind from his government, is designed to fortify the Canadian economy against shocks from abroad and foster resilience at home. “Canada is building the strongest economy in the G7, one that is less reliant on foreign powers and more resilient in the face of global shocks,” Carney stated in a release.
At the centre of the plan lies a new Buy Canada policy, requiring federal procurement to prioritize Canadian suppliers and urging provincial and municipal governments to follow suit. For Barrie’s small and medium-sized businesses, this signals a rare opportunity: increased demand from public contracts and greater access to capital as part of a $1 billion support package over three years. The Business Development Bank of Canada will extend more flexible loans, while a $5 billion strategic fund and a reskilling package aim to retrain 50,000 workers for a changing labour market.
The industrial strategy also makes a calculated concession to the automotive sector. The federal mandate for zero-emission vehicles is paused for the 2026 model year, launching a 60-day review, after automakers raised concerns about a rushed transition. In agriculture, biofuel producers and canola farmers receive targeted relief, addressing not just U.S. tariffs but China’s steep duties on Canadian exports.
For Barrie and communities like it, the government’s course offers both security and challenge. Domestic suppliers must now adapt to stricter local content rules, while workers face a rapid push to update their skills. Yet for many, the promise of a more self-sufficient Canada outweighs the uncertainty. As these measures unfold, the resilience and ingenuity of local businesses will determine whether this strategy delivers on Carney’s vision, or merely marks another chapter in the long struggle for economic independence.
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Carney unveils billions in funding, Buy Canada policy to combat Trump’s tariffs
