‘We are not only securing Canada’s future prosperity, but helping build a stronger, more resilient and more productive economy’
The federal government is investing $450 million over the next three years through a new initiative aimed at helping Canadian businesses overcome trade challenge.
The Regional Tariff Response Initiative (RTRI) is intended to help businesses improve productivity, expand and diversify markets, and strengthen domestic supply chains and trade resilience.
Application for the funding is now open for Southern Ontario businesses facing global trade pressures. A total of $160 million will be available to these businesses.
“Southern Ontario businesses are under pressure in today’s shifting trade landscape. The Regional Tariff Response Initiative is supporting our businesses by giving them the tools they need to innovate, diversify, and grow, especially in key sectors like steel and auto, which are critical to our infrastructure and clean economy,” said Evan Solomon, minister responsible for the Federal Economic Development Agency for Southern Ontario.
“By backing local economies and helping companies expand into new markets, we are not only securing Canada’s future prosperity, but helping build a stronger, more resilient and more productive economy that creates good jobs, drives competitiveness, and supports long-term growth across the region.”
Global trade challenges
John-Paul Danko, Member of Parliament for Hamilton West–Ancaster–Dundas, noted that businesses in Hamilton and across southern Ontario are feeling the impact of global trade challenges and rising costs. He said the RTRI will help businesses respond, adapt, and compete amid shifting market conditions.
Confidence among Canadian small business owners has dropped significantly amid rising costs, and nearly one in five (19%) Canadian small businesses facing tariff-related costs say they will not survive more than six months if current conditions persist, according to separate studies.
The RTRI is part of a broader set of tariff support measures, including the Large Enterprise Tariff Loan Facility, the Business Development Bank of Canada’s Pivot to Grow initiative, and support for the steel sector through the Strategic Innovation Fund. Up to $150 million in RTRI support will be targeted nationally to businesses in the steel industry to help them adapt, grow, and secure their presence in Canada’s economy.
Interested parties can visit this website for more details about the RTRI.
Previously, the federal government introduced a new Interim Policy on Reciprocal Procurement, a move aimed at shielding Canadian businesses and workers from unfair trade practices as Canada negotiates a new economic and security partnership with the United States.
