The Trudeau government will table more pandemic-style handouts for Canadians, pending a successful confidence vote in March. U.S. President Donald Trump has doubled down on his tariff threats of late, which enter into effect on Saturday, February 1st.

As first reported by the Globe and Mail, the 25% tariffs may shutter businesses and cost hundreds of thousands of Canadians their jobs. Those who survive the initial headwinds are widely expected to curtail production.

During the COVID pandemic, tens of thousands of businesses closed their doors permanently despite promises of support, with billions more misallocated.

CRA admits to $10 billion in pandemic relief sent to ineligible applicants

Only a fraction has been recovered, with billions in losses to be expected.

MORE by @Robertopedia: https://t.co/lSI6a1f0BQ

— Rebel News (@RebelNewsOnline) May 21, 2024

Government sources anonymously conveyed that tariff relief would help entrepreneurs meet payroll and keep a roof over the heads of workers, though a similar promise was made during the pandemic.

A dollar amount remains undefined as of publication, given new spending requires parliamentary approval.

One source clarified that no discussions have taken place with opposition parties either, as parliamentary business remains suspended until March 24th. 

Prime Minister Justin Trudeau prorogued Parliament on January 6th to avoid a snap election.

Parliament in 2020 tabled the Canada Emergency Business Account, providing entrepreneurs with $60,000 interest-free loans to mitigate business closures, though 120,344 businesses still “disappeared,” revealed Key Small Business Statistics. 

Export Development Canada (EDC) gave $49.1 billion in taxpayer loans to some 900,000 small businesses, with ineligible recipients receiving $3.5 billion. Repayment of those loans is uncertain at this time.

An additional $27 billion went to workers left unemployed during the pandemic, with billions of dollars given out in haste.

Trudeau's former finance minister Bill Morneau said the feds "probably" splurged too much during the COVID-19 pandemic. He admitted the consequence of printing hundreds of billions is a potential recession.https://t.co/uQhpYVSgLH

— Rebel News (@RebelNewsOnline) January 9, 2023

A Globe and Mail publication revealed tensions between Trudeau and then-finance minister Bill Morneau over pandemic handouts, leading to his unceremonious exit from the role.

Morneau told CTV News that cabinet splurged too much on relief measures, and should have worked to ween Canadians off sooner. MP Chrystia Freeland also let her posting over “costly political gimmicks” last December 16.

The federal government spent $309 billion on pandemic relief, according to the C.D. Howe Institute. This is an underestimate compared to the $359.7 billion reported by the Fraser Institute, a free-market think tank.

Trudeau relied on former Bank of Canada governor Mark Carney, now Liberal leadership hopeful, for policy advice at the time. The PMO did not elaborate on Carney’s advisory role or the advice given.

Over the next decade, the cost of wasteful pandemic spending will be $111.0 billion, including $21.1 billion in debt interest costs on the principal, at minimum.

Deputy Prime Minister Chrystia Freeland is asked why she is leading negotiations against potential U.S. tariffs on Canadian goods when President-elect Donald Trump has expressed dislike for her. pic.twitter.com/20sGhIyhfW

— True North (@TrueNorthCentre) November 8, 2024

Former finance minister Chrystia Freeland, also a leadership hopeful, announced a $200 billion strategy yesterday in response to the tariff threats. It calls to immediately halt the purchase of all U.S. goods if the tariffs come into effect.

Trudeau and his provincial allies earlier pledged a dollar-for-dollar approach, despite hosting an economy one-tenth the size of its trading partner.

Meanwhile, Foreign Affairs Minister Mélanie Joly continues to plead with allies to try and dissuade Trump from going through with the tariffs. “At the heart of my conversations with my British colleagues and my European colleagues is going to be the question of how to respond to tariffs.”

President Trump imposed a 25% tax on Canadian steel products and 10% on aluminum during his first term, though he later walked back his protectionism, citing domestic pressure.

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