Prime Minister Mark Carney and Ontario Premier Doug Ford have announced an C$8.7 billion action plan aimed at protecting workers, strengthening domestic industries and helping Ontario businesses respond to U.S. tariffs and trade uncertainty.

Announced on October 21, the federal–provincial initiative focuses on three strategic sectors: steel, automotive manufacturing and critical minerals. The governments say the plan is designed to reinforce Canada’s industrial base, attract investment and improve the competitiveness of Canadian-made products.

A central measure is a proposed five-year C$5.22 billion Joint Steel Action Fund, combining C$3.55 billion in federal commitments with C$1.67 billion from Ontario. The governments also plan to direct public procurement toward Canadian steel and strengthen enforcement against unfair foreign steel imports.

The automotive sector is set to receive an additional C$2.5 billion over two years for capital projects, including modern machinery and upgraded production lines. For critical minerals, Ottawa and Ontario will coordinate permitting and advance infrastructure planning in Northern Ontario’s Ring of Fire region, with federal funding matching the province’s initial investment of up to C$1 billion over three years.

The announcement comes as Canada continues to manage trade tensions with the United States. The governments say the measures will help businesses diversify markets and protect jobs, although the impact will depend on implementation, project approvals and market conditions.

The plan marks a major political and economic partnership between Ottawa and Queen’s Park, with its success likely to be measured by investment, industrial competitiveness and employment outcomes in the coming years.