Prime Minister Mark Carney made an announcement at the Newdock shipyard in St. John's on Monday. (Heather Gillis/CBC)

Prime Minister Mark Carney was in St. John's on Monday to announce an $80-million tariff-relief fund for small and medium-sized businesses in Atlantic Canada.

The money will flow through the Atlantic Canada Opportunities Agency as part of the larger $1-billion fund for Canadian businesses affected by American tariffs.

Carney said the money is geared to help businesses expand into new markets and strengthen supply chains.

"This funding will help equip Atlantic Canadian industries with the tools they need to respond to modern challenges. To innovate. To modernize. To expand operations and customer bases. To take full advantage of new opportunities," Carney said. WATCH

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