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That funding was part of a package of protectionist policies and tariff relief measures announced Friday for businesses dealing with the effects of U.S. President Donald Trump’s trade war.

Friday’s announcement also included a $5 billion fund to help companies pivot to new markets, keep skills and production in the country and become more competitive globally, along with a “Buy Canadian” policy for the federal government.

Carney said Monday the change in the global economy is “not just a transition. It’s a rupture.”

“When you have that big uncertainty, that can paralyze decision making, pull back investment, stifle growth,” he said at a press conference on a wharf in St. John’s.

“But this is not the time to delay and hope for the best. Hope is not a strategy.”

The prime minister said the seafood industry will be eligible for the funding, which is being administered by the Atlantic Canada Opportunities Agency.

“For example, developing innovative packaging and product formats. Think, in food processing and fishery, vacuum sealed lobster tails or flash-frozen crab clusters tailored for high-demand European markets,” he said.

China has hit Canada’s seafood industry with punishing tariffs in retaliation for Canada’s 100 per cent levies on Chinese electric vehicles.

This report by The Canadian Press was first published Sept. 8, 2025.