Canada unveils ambitious new budget to respond to US tariff shock • FRANCE 24 English

Canada unveils ambitious new budget to respond to US tariff shock • FRANCE 24 English

Sh Pellegr is as well cuz he’s here for the business news. Please don’t make me y I’ll let you off Sh for all of our sakes. Uh business update. Sh. You’re starting in Canada. Prime Minister Mark Carney has unveiled his first federal budget. Yeah. The plan was widely anticipated uh considering the trade war with the United States, Canada’s most important trade partner. As a reminder, Trump imposed a 35% tariff on a wide range of Canadian exports, which has led to job losses in a number of sectors and raised concerns over a drop in investment. Um, and the blueprint presented by Finance Minister Fona Philip Champen in the House of Commons is an ambitious one that promises to transform the Canadian economy, notably by uh upgrading ports and other trade infrastructure with the aim of increasing exports to non US partners over the next 10 years and by financially supporting companies uh badly hurt by US tariffs. What are the numbers being presented then, Sean? Well, the total spending amounts to about 280 billion Canadian dollars. That’s about 173 billion euros. And the Liberal government is promising that this injection of cash to upgrade uh electric grids, ports, defense, and housing among other areas will generate a trillion Canadian dollars in investments over the next 5 years. That’s about 620 billion euros. But uh there will have to be some cuts elsewhere worth 60 billion Canadian dollars or 37 billion euros. This will take the shape of a reduction in 40,000 public sector jobs by the end of 2029. Nonetheless, this will leave Canada with its second biggest deficit on record at 78 billion Canadian dollars or 48 billion euros. A policy choice defended by Finance Minister Champan. Take a listen. We chose a different path, Mr. Speaker. A path that believes in Canada. A path that invests in our country’s future. A path that reinforces Canadian values. A path that make us less resilient on our trading partner. A path that that allows us to be master in our own house. Mr. Speaker, meanwhile, some of the US tariffs targeting Canada will be getting their day in court in Washington. The US Supreme Court is hearing arguments in a case that could reverse President Trump’s wide sweeping global reciprocal tariffs as well as tariffs applied over uh the traffic fentinel. The White House has used a law that dates back to the 1970s to declare an economic emergency to justify Trump’s authority to impose those tariffs. Lower courts have already ruled that Trump overstepped his authority. And the White House appealed to the nation’s highest court. Now, although the court has delivered Trump a series of victories to expand presidential power, in this case, legal experts say the outcome is a tossup. Look on the markets then, Charles. What’s happening? So, we’re seeing markets opening lower in Europe, pushed down by bearish sentiment concerning the US AI stocks like Palunteer or Nvidia this after uh Goldman Sachs and Morgan Stanley leaders have warned of a market correction uh being on the horizon. Also, investor Michael Bur famous for predicting the great financial crisis of 2008, also depicted in the movie The Great the Big Short, warning of a potential AI bubble. You can see all the stocks in the red there. Now, this is a story we’re going to be talking about a little bit later on in the program. Chinese e-commerce giant is expected to open a physical space here in Paris this afternoon. Uh the controversial retail retail chain Shien uh pressing ahead with the opening of its space in the historic BHV department store in Paris at 1 p.m. this afternoon. This in spite of being under investigation by French authorities after it was discovered that sex dolls with the likeness of children was uh were being sold on the platform. Shien exec Donald Tang promising to fully cooperate with authorities and taking measures to find those responsible for the products. But even without this controversy, Shien’s presence in the department store has met with huge opposition over the company’s uh ultra fast fashion model and its environmental and labor rights uh impact. Uh police obviously uh well not obviously but we’ll be present to to monitor that opening and we’ll talk to our reporter who’s at BHV a little bit later on in the program. Finally, a feelgood story for you. This is out of France, isn’t it? Mhm. French glass maker Durlex became a worker-owned cooperative back in July of last year. The iconic industrial brand received millions of euros invest of investments. This week from across the country, far surpassing initial expectations in order to continue and sustain its operations. Our colleagues at Fru and Flor Mar have the story. [Music] It’s a French success story. Threatened by rising energy costs, glass maker Durlex was saved from closing down by its employees in 2024. This week, 19 million euros of investment were pledged within 24 hours to sustain its recovery. Right now, we have 15.1 million. That’s how French people are responding to the call. So, it’s all good news. We said ourselves with all the associations that if we reach €3 million in a month, that would be good. But as you’ve seen, we’ve reached €5 million in investments in 5 hours and 40 minutes. The investments are expected to generate a return of 8% per year, but Durlex is also receiving donations via a fundraising page. We’re receiving checks like this from everywhere in support of the initiative. Employees turned their company into a cooperative last July, but they still needed investors. Now with several million euros in hand, they plan to buy new machines for their factory. We’ll have new molds, new products, new innovations. Since 1987, there hasn’t been a single new product created at Durlex. So, that’s something we’re going to do for 2026. Locals near the factory are reassured about the company’s future. It’s part of the heritage of this town. I think heritage is really important. I’m surprised the fundraising happened very quickly. It’s impressive. It’s a good thing. bunch. In the coming months, Durlex will be launching new products, including a line of glass containers. Yeah, hopefully that will really help them as well. Durex there. Thanks for my show show with the

Canada’s Liberal government unveiled new federal budget plans in the House of Commons in Ottawa on Tuesday, which include a massive spending spree of 280 billion Canadian dollars (€173 billion). The spending is seen as a way to strengthen the Canadian economy after the imposition of steep tariffs by the United States, Canada’s most important trading partner. Also in this edition: iconic French glassware cooperative Duralex raises €19 million in a day, just over a year after employees bought back the firm.
##Canada ##Budget ##Carney

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