With all eyes glued to the drama on Parliament Hill this week, you may have missed that the feds announced new plans for border security, money laundering, and Chinese tariffs.
Driving the news: The Liberal government put a pause on cabinet exit interviews to unveil $21.1 billion in new spending in the fall economic statement. The pledged $250 cheques for most Canadians were notably missing, but the economic plan did include some other changes.
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Border security: The feds have earmarked $1.3 billion to beef up security at the Canada-U.S. border, an apparent effort to appease president-elect Donald Trump. The funding includes added resources to crack down on stolen vehicle trafficking.
- Money laundering: Ottawa proposed changes that included a 40-fold increase in penalties for money laundering. TD Bank was fined US$3 billion in the U.S. for similar violations, a far bigger penalty than the C$9.2 million fine the bank faced in Canada.
- Chinese tariffs: Ottawa outlined a slate of fresh tariffs on Chinese critical minerals and solar products that will kick in next year, with more planned for 2026. The feds announced tariffs on Chinese-made EVs, steel, and aluminum earlier this year.
Why it matters: With a federal election and a potential trade war with the U.S. on the horizon, some experts say that these plans are more of a placeholder until more spending promises, tariffs, and political chaos inevitably come in the new year.—LA