Prime Minister Mark Carney and Ontario Premier Doug Ford participate in a joint news conference on Parliament Hill in Ottawa, on Oct. 21, 2026. The Canadian Press/Justin Tang
Prime Minister Mark Carney and Ontario Premier Doug Ford announced $8.7 billion in support for Canada’s steel, automotive, and critical mineral industries.
The two leaders announced during a press conference on Oct. 21 that they would be establishing a Joint Steel Action Fund, which entails five-year funding of $3.55 billion from the federal government, and $1.67 billion from Ontario.
“We have vast natural resources, yet we import over six and a half million tons of steel a year, and that’s often because we don’t make the steel that Canadian companies need. It’s time to be our own best customer,” Carney said.
Ottawa also committed an additional $1.5 billion over two years for Ontario’s automotive industry to build electric vehicles, with the money set to enable manufacturers to invest in modern machinery and upgraded production lines, while Ontario committed $1 billion.
“An integrated North American auto sector will be stronger, more competitive, and provide better jobs,” Carney said. “But we recognize that these are not necessarily the current objectives of the U.S. administration. Their approach has changed, and so must ours.”
The prime minister said the world is increasingly seeing a shift toward vehicles with lower emissions, greater connectivity, and more advanced manufacturing. He said with electric vehicles set to make up 40 percent of all car sales worldwide within five years, “we know we must skate to where the puck is going.”
The United States hit Canada’s automotive and steel industries with 25 percent tariffs, and has threatened to increase those tariffs to 50 percent on Jan. 1, 2027, after Ottawa announced dollar-for-dollar tariffs on American products.
Ottawa will also be allocating $1 billion over three years to match Ontario’s investment toward building a road to reach the mineral-rich Ring of Fire region in northern Ontario.
Ford said that it was “clear” that regardless of which party wins the upcoming U.S. midterm elections, “we’re not going back to the way things were, and we need to plan accordingly.” He said Canada needed to focus on protecting its workers to build a more competitive and self-reliant economy.
When asked whether Ottawa and Washington would resume trade talks, Carney said he spoke with U.S. President Donald Trump “this morning for quite some time” about issues like trade and Iran.
“As I said in my remarks, we’re ready to sit down and negotiate when the U.S. is, … a deal that’s in the interests of Canadians,” Carney said.
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