Protecting Jobs and Our Economy

Canada’s economic potential is dependent on the success of Canadians. The 2024 Fall Economic Statement announces new initiatives to secure economic growth and protect jobs, particularly in light of new economic uncertainties in North America and globally following the U.S. election. 

Key measures in the 2024 Fall Economic Statement to protect jobs and our economy include:

• Securing our borders, with a $1.3 billion comprehensive border security package over six years, starting in 2024-25, to Public Safety Canada, the Canada Border Services Agency, the Communications Security Establishment, Health Canada, and the Royal Canadian Mounted Police.
• More tariffs to combat unfair Chinese trade practices, including on imports of certain solar products and critical minerals early in 2025, and on permanent magnets, natural graphite and semiconductors in 2026 to prevent Chinese non-market trade practices from causing unfair and harmful market distortions in Canada and throughout the North American continent.
• Friendshoring Canadian supply chains, to protect Canada’s national economic interests. Canada has already imposed a 100 per cent tariff on all Chinese EVs, a 25 per cent tariff on imports of Chinese steel and aluminum products, and limited eligibility for federal zero-emission vehicle incentives to Canada’s free trade partners.  
• Restricting trade with countries that harm Canada, by proposing legislative amendments to allow the government to restrict the importation or exportation of items in response to actions of another country that harm Canada, or to create more secure and reliable supply chains.
• Eradicating forced labour from our supply chains, by requiring businesses to scrutinize their international supply chains for risks to fundamental labour rights and take action to resolve these risks, and by strengthening Canada's ban on imports of goods produced by forced labour.
• Ensuring reciprocity across our trading relationships, to ensure Canadian workers and businesses are treated fairly when doing business abroad. The 2024 Fall Economic Statement announces that going forward, reciprocity will be considered as a requirement for all federal spending and policies.
• Strengthening nuclear fuel supply chains, to support demand for allied enriched nuclear fuel and bolster supply chain resiliency free of Russian influence. The 2024 Fall Economic Statement announces the government’s intent to backstop up to $500 million in enriched nuclear fuel purchase contracts from the United States or other allied countries, including high-assay low-enriched uranium (HALEU). 
• Strengthening supply chains for responsibly produced critical minerals, through previous investments like Canada’s $3.8 billion Critical Minerals Strategy that are positioning Canada as a supplier of choice for responsibly produced critical minerals. Canada will work with the United States and other likeminded partners to address the impacts of non-market policies and practices that unduly distort critical mineral prices.