Canada announces plans to support strategic industries in response to US tariffs

Ottawa (ANTARA) — Canadian Prime Minister Mark Carney and Ontario Premier Doug Ford on Wednesday (21 October) jointly announced a series of strategic industrial support initiatives aimed at helping workers and businesses affected by US tariffs and promoting long-term economic growth.

According to a press release issued by the office of the Canadian Prime Minister, the action plan is worth a total of C$8.7 billion (about US$6.18 billion) and focuses on protecting Ontario’s steel, automotive and critical minerals sectors.

Key measures include establishing a joint action fund for the steel sector; supporting carmakers as they upgrade production lines for future connected and electric vehicles; and building road infrastructure, alongside streamlining approval processes, to develop critical mineral supply chains in northern Ontario.

“From mines to processing plants and assembly lines, Canada and Ontario are protecting jobs today while making bold investments that will build a stronger, more resilient and more self-reliant Canadian economy for the future,” Carney said.

As the centre of Canada’s manufacturing sector, Ontario has a world-class automotive and steel industry, as well as abundant critical mineral reserves. Its economy is heavily dependent on exports to the US, particularly in the automotive and steel sectors, making Ontario one of the regions most severely affected by US tariffs.

The Canadian government has provided more than C$25 billion in assistance to Canadian workers and businesses affected by US tariffs, according to the press release.