Canada’s Prime Minister Mark Carney said on 18 May 2025 that the federal government will present a budget this autumn.
This follows Finance Minister François-Philippe Champagne’s announcement on 14 May 2025 that the government won’t table a spring budget but will instead present a “substantive” fall economic statement, essentially a mini-budget.
Carney said it’s early for his government to present the 2025-26 federal budget before the June NATO summit and ongoing trade talks with the US. The government is also exploring cutting costs and boosting public sector productivity.
“Defense spending, the economic outlook, including the tariff relationship with the United States, and the (government) efficiency… all of those coming together, we will have a much more comprehensive, effective, ambitious, prudent budget in the fall,” he said.
Finance Minister Champagne announced in a post on X on 18 May 2025 that 70% of the tariffs imposed in retaliation against US measures will remain in effect.
Earlier, on 5 March 2025, Canada’s former Prime Minister Justin Trudeau announced that Canada would implement 25% tariffs on CAD 155 billion of American products following Trump’s new 25% tariffs on imports from Canada.
