Canada unveils ambitious new budget to respond to US tariff shock

The US government shutdown has now reached a historic 36 days, leaving millions of Americans without essential services and pay. The deadlock continues as President Donald Trump and congressional leaders struggle to agree on health care funding.

Canada's federal budget, introduced by Prime Minister Carney, highlights key initiatives like tariff cushions and investments in space launches, while also embracing international events like Eurovision. This budget aims to safeguard the country's interests and expand its horizons beyond the US.

The recent budget announcement from Ottawa reveals plans to cut foreign aid spending back to pre-pandemic levels. Officials emphasize a strategy of leveraging innovative tools and focusing support on countries in greatest need, while also revising existing agreements.

The Liberal government is stepping up to support canola farmers and other sectors affected by U.S. and international tariffs, as outlined in the recently released federal budget for 2025.

Canada's new climate strategy outlined in Budget 2025 lacks a commitment to emissions reduction and does not propose any incentives for Canadians to lower their emissions, such as reviving subsidies for electric vehicle purchases.

The 2025 federal budget reveals exciting plans for CBC, as the government is collaborating with the public broadcaster to explore Canada's participation in the renowned Eurovision song contest.

In a move that many are celebrating, Carney is cutting the luxury tax as part of Budget 2025. This budget also introduces a 'super-reduction' to Canada's marginal effective tax rate and aims to enhance traveller screening at airports through further automation.

The Liberal government's 2025 budget outlines key figures, including the size of the deficit and allocations for important sectors. This brief overview highlights the financial priorities set for the upcoming year.

The Carney government is making a bold move with its 2025 Budget, investing $110 billion over five years to boost productivity. This significant financial commitment aims to tackle challenges head-on, and while the results will take time to materialize, the potential benefits could far outweigh the costs. It's an ambitious plan that reflects a proactive approach to economic growth and could set a precedent for future budgets.

In a historic victory speech, New York's mayor-elect Zohran Mamdani took a bold stance against Donald Trump, condemning the oligarchy and authoritarianism he associates with the former president. This moment is significant not only for Mamdani's win but also for the broader Democratic successes in key races across California, New Jersey, and Virginia, indicating a shift in voter sentiment and a potential resurgence for the party in upcoming elections.

Asian chipmakers are facing a significant downturn as global stock markets experience a sell-off, raising concerns about a potential equity correction. Deutsche Bank has highlighted worries over an AI bubble, which is contributing to the market's instability. This situation is not just limited to Asia; European indices are also feeling the impact, with notable declines in major markets like the FTSE 100 and DAX. This matters because it reflects broader economic uncertainties that could affect investments and consumer confidence worldwide.

Canada's Liberal government has introduced an ambitious new budget aimed at countering the economic impact of recent U.S. tariffs. With a staggering 280 billion Canadian dollars allocated, this spending spree is designed to bolster the Canadian economy and support local industries. This move is crucial as it not only addresses immediate economic challenges but also reinforces Canada's commitment to maintaining a strong trade relationship with its most significant partner, the United States.

The former John Lewis boss has raised alarms about Britain potentially sliding into an economic crisis, citing a staggering £85 billion sickness bill. Since 2019, the number of individuals unable to work due to health issues has surged by 800,000, highlighting a growing concern for the economy. This situation is significant as it not only affects the workforce but also places a heavy burden on the economy, potentially leading to wider implications for public health and financial stability.

In a distressing situation, 37 dogs are trapped in a dog sanctuary in Carmarthenshire due to severe flooding caused by intense rain. This incident highlights the urgent need for effective disaster response and animal welfare measures during extreme weather events, as the safety of these animals hangs in the balance.