New action plan to defend region’s economic interests coming, councillors prep for possible tariffs
Posted Feb 12, 2025 05:30:00 AM.
Last Updated Feb 12, 2025 05:46:37 AM.
Regional councillors are trying to support local businesses, a new action plan is in the works as the clock ticks down on potential U.S. imposed tariffs for Canadian goods.
A motion was passed Feb. 11 unanimously that will see the region become less dependent on foreign imports, increasing Made in Canada provisions. It also directed regional staff to reduce impacts on regional services from tariffs, so that the municipality can operate normally without incurring additional costs.
The motion was presented by Regional Chair, Karen Redman, who said it’s critical the region acts now.
“Given that nearly 77 per cent of Ontario’s domestic exports go to the US and that 97 per cent of our regional exports come from the manufacturing sector such a tariff would have a profound consequence for the Region of Waterloo,” said Redman.
“The numbers tell a clear story, nearly 19.4 billion dollars in exports flowed from Waterloo Region businesses in 2023, with 18.9 billion of that directly from manufacturing.”
To mitigate risk from possible tariffs, regional staff will explore ways to support Waterloo Region manufacturing companies.
“Our businesses, workers and institutions have built a globally competitive economy that contributes not only to our region’s prosperity but to the broader success of Ontario and Canada,” said Redman.
The action plan will be created by the Waterloo Economic Development Corporation (WEDC), through the Business Economic Support Team Waterloo Region (BEST WR) with the main goal of supporting local and protecting the region’s economic interests.
