With Canadians continuing to hold their breath ahead of incoming U.S. tariffs next week, the Government of Ontario is looking to bring a sense of calm and resilience to Waterloo Region with over $1.1 million in funding to various local sectors.
The province said it’s all aimed at protecting workers and reducing a reliance on the U.S., with the investments set to target a list of areas that would be impacted by the upcoming 50 per cent tariffs coming from President Donald Trump and his administration.
“With the threat of new U.S. tariffs, including on goods covered by the Canada-United States-Mexico Agreement, our government is taking action to protect Ontario workers and jobs,” said Premier Doug Ford.
“Today’s investment is part of our plan to double down on Waterloo Region’s world-class companies in manufacturing, defence, health care and more, so we can meet whatever challenges that come our way.”
The funding is set to target two local projects, with the Region of Waterloo also investing in those same areas alongside the province.
That includes Waterloo Health Innovation Economic Development, with $600,000 coming from the region and $270,000 coming from the province.
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The other is the Waterloo Region Aviation, Aerospace and Defence (AeroWR) Strategic Growth Initiative, with $1.3 million coming from the region directly and another $838,700 coming from the Government of Ontario.
“By investing in these key industries, we’re helping local companies reach new international markets, attract new investment to our region and reduce our reliance on U.S. trade,” said Kitchener-Conestoga MPP Mike Harris.
“These investments will help build the kind of resilience that will keep Waterloo Region’s economy strong for years to come, while helping drive Ontario forward as we build one of the strongest, most competitive and self-reliant economies in the G7.”
The push is said to help protect as many as 1,230 jobs throughout Waterloo Region, while also creating 110 new positions across the impacted sectors.
The provincial funding comes from the Trade-Impacted Communities Program (TICP), which is a $40 million initiative which was launched last year, looking to protect “good-paying jobs” and build resilient, self-reliant communities across Ontario.
“Our local businesses have the talent and expertise to compete anywhere,” said Kitchener South-Hespeler MPP Jess Dixon.
“This investment will help them grow, reach new customers and build a stronger, more resilient economy right here in Waterloo Region.”
Ahead of those incoming tariff impacts, currently expected to go into effect as of Wednesday, Aug. 19, the government said it remains focused on lowering taxes, cutting red tape, and pushing for a self-reliant and economically competitive hub across the globe.
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