Canada and Ontario unveil C$8.7 billion package to counter US tariffs

Canadian Prime Minister Mark Carney and Ontario Premier Doug Ford jointly announced a 8.7-billion CAD (about 6.18 billion USD) strategic industry support package on Wednesday, designed to shield workers and businesses from ongoing US tariffs and drive long-term economic growth.

The joint federal-provincial action plan focuses on safeguarding Ontario's steel, automotive, and critical mineral sectors.

Key pillars of the investment include establishing a joint steel action fund, transforming the automotive sector by upgrading production lines to build future connected and electric vehicles, and securing the critical mineral supply chain in the province's north through new road infrastructure and streamlined approval processes.

"From mine to mill to assembly line, Canada and Ontario are protecting jobs today and making bold investments that will build a stronger, more resilient, more independent Canadian economy for tomorrow," Carney said.

As Canada's manufacturing heartland, Ontario houses world-class car and steel industries geared towards cross-border trade, rendering them hardest hit by US tariffs.

The latest strategy builds on federal assistance programs that have already funneled over 25 billion CAD to Canadian workers and businesses navigating US tariffs.