On October 21, the Canadian federal and Ontario governments announced a joint action plan worth a total of $8.7 billion to help workers and businesses affected by U.S. tariffs. The purpose is to protect Ontario's steel, automotive, and critical minerals industries and to support long-term economic growth.
- Steel: We are establishing a Joint Steel Action Fund, investing $3.55 billion from the federal government and $1.67 billion from Ontario over five years, to support production diversification and the development of overseas markets. We are also pursuing a policy that prioritizes Canadian steel in public procurement.
- automobile: Over the next two years, we will support large-scale facility investments with $2.5 billion (up to $1.5 billion federally and up to $1 billion in Ontario) to help maintain the production base and supply chain jobs for connected cars and electric vehicles.
- Key Minerals: The federal government has agreed to provide up to $1 billion over three years for essential infrastructure, such as roads, in the Ring of Fire region of northern Ontario, and to accelerate the process by coordinating federal and provincial licensing procedures.
- Fair Trade Protection: We are responding to unfair trade practices, such as the dumping of foreign steel, by strengthening surveillance and enforcement by the Canada Border Services Agency (CBSA).
Korean business owners working in the automotive and steel industries or operating partner companies need to monitor the impact this support will have on employment and the business environment.
Source: Government of Canada (Canada.ca) Article Link |
