Canadian Prime Minister Mark Carney and Ontario Premier Doug Ford jointly announced on Wednesday a strategic support package for industries valued at $8.7 billion Canadian dollars (equivalent to approximately $6.18 billion USD). This package is designed to protect workers and businesses from existing US tariffs and stimulate long-term economic growth.
The joint federal and provincial plan focuses on securing Ontario's sectors, including the steel industry, automotive manufacturing, and critical mineral extraction. Key investment areas include establishing a joint action fund for steel, modernizing the automotive sector for the production of future electric and connected vehicles, and strengthening the supply chain for critical minerals in northern Ontario through new road construction and streamlined approval procedures.
Mark Carney stated: 'From the mine to the factory and assembly line, Canada and Ontario are protecting jobs today and making bold investments that will build a stronger, more resilient, and independent economy for Canada tomorrow.'
As Ontario is Canada's industrial hub, hosting global automotive and steel industries oriented towards cross-border trade, these sectors are most vulnerable to US tariffs. This new strategy builds upon existing federal assistance programs that have already directed over $25 billion Canadian dollars to Canadian workers and businesses facing US tariffs.