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Prime Minister Mark Carney and Finance Minister François-Philippe Champagne on Tuesday.

Prime Minister Mark Carney’s government unveiled a blueprint Tuesday to counter rising U.S. protectionism and bolster a sluggish economy through tax incentives to spur corporate investment, targeted federal spending and cuts to the public service .

Mr. Carney’s first budget, presented to the House of Commons by Finance Minister François-Philippe Champagne, lays out new spending of $89.7-billion over five years and roughly $56-billion in savings from cuts to the public service and program spending. Mr. Champagne said the budget could spur $1-trillion of investment.

The budget says the 2025-26 deficit will be $78.3-billion and is projected to drop to $56.6-billion by 2029-30.

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