All regions will get ‘fair share' of defence windfall: industry minister
MONTREAL – Industry Minister Mélanie Joly says the massive funding announced this week for Canada's defence industry will filter down to all regions of the country, as the federal government looks to jump-start domestic and overseas trade and reduce reliance on the United States.
At a speech to Montreal's chamber of commerce Wednesday, Joly said the provinces are not in competition for the $9.3 billion in additional spending to be allocated by March 31, but rather in co-operation.
The minister says the windfall will benefit companies beyond the military realm, trickling through the supply chain and across sectors ranging from aerospace and manufacturing to critical minerals and artificial intelligence.
On top of meeting NATO's target of two per cent of GDP, the defence expenditures aim to reduce Canada's dependence on the United States and pave the way for stronger ties to Europe and 'certain countries in Asia' and the Persian Gulf.
The emphasis on greater self-reliance and trade diversification comes as Canada grapples with an increasingly unpredictable southern neighbour whose president has threatened to make Canadians denizens of a '51st state,' on top of a months-long trade war.
Joly says recent U.S. tariffs including the 50 per cent duties on steel and aluminum imports imposed by President Donald Trump are 'completely illegal.'
As a result, Canadian defence projects will prioritize domestic metal, she said — though Joly did not specify how the government would enforce any Canadian content rules.
Her remarks come a day after a U.S. federal appeals court agreed that Trump's sweeping global tariffs will remain in place while a case is heard.
'We are too dependent on the United States,' Joly said.
To build a more independent defence sector, companies from coast to coast can expect to see their 'fair share' of the tens of billions of dollars in spending now budgeted by the Department of National Defence this fiscal year, she said, stressing the ripple effects for the broader economy as well.
'There's enough investment for everyone to benefit. And when we think of military investment, we shouldn't think that it's purely military,' she said.
Monday Mornings
The latest local business news and a lookahead to the coming week.
'Canada is not for sale, but we're open for business.'
Joly is eager to foster growth not just in the economy, but in the academy.
The minister highlighted a 'golden opportunity' to poach researchers from the United States, with several prominent academics already having left the country due partly to the political climate.
'My goal is to seek out 1,000 researchers from the United States to bring them to Canada,' she said.
This report by The Canadian Press was first published June 11, 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Toronto Star
10 minutes ago
- Toronto Star
Romanian lawmakers vote in favor of pro-EU coalition, aiming to end protracted political crisis
BUCHAREST, Romania (AP) — Romanian lawmakers voted Monday decisively in favor of a new pro-European coalition government led by a center-right prime minister, as the European Union and NATO member nation seeks to end one of its worst political crises in its post-communist history. Parliament approved the new administration in a 301-9 vote in Romania's 464-seat legislature, days after Romania's new President Nicusor Dan nominated lie Bolojan of the center-right National Liberal Party, or PNL, to lead a new government. Some lawmakers from nationalist opposition parties were absent from the voting.
Winnipeg Free Press
15 minutes ago
- Winnipeg Free Press
As climate costs mount, businesses talking more about spending to adapt: report
TORONTO – Work on climate change has largely focused on preventing it from getting worse, but as a new RBC report points out, businesses are also starting to think more about potential spending on adaptation and preparation as the costs of disasters pile up. The report says that extreme weather and natural disaster costs already totalled US$368 billion last year, 14 per cent above the long-term average since 2000, and that this year could match or exceed the total. The costs are leading to more attention in boardrooms, with the report noting mentions of climate change on the rise and hitting new peaks in both U.S. and Asia, though in Canada talk has dropped in recent months. RBC says companies in industries like utilities, insurance and industrial services have been talking more about the financial risks, but also about the potential tailwinds as they're set to benefit from rising demand for their products and services that help in adaptation and resilience. The report says that so far it's still a challenge to finance bigger, longer-term adaptation efforts, which can include measures like burying power lines and building floodways, but that a study out this year found that every $1 invested in adaptation and resilience generates more than $10 in benefits over a decade. The RBC report focused on U.S. companies that could benefit from the trend, but notes that Canadian companies including Nutrien, MDA Space Ltd., and some in the waste management and engineering sectors could also see increased demand. Monday Mornings The latest local business news and a lookahead to the coming week. This report by The Canadian Press was first published June 23, 2025. Companies in this story: (TSX:NTR; TSX:MDA; TSX:RY)
Winnipeg Free Press
an hour ago
- Winnipeg Free Press
Canada's next national census set for May 2026
OTTAWA – The next Canadian census will be held in May 2026. The federal cabinet has issued an order fixing the date for the census and the questions it will ask. The last census was held in 2021 and was the first to be held during a pandemic. It collected data on the population, including age, gender, marital status, family structure and types of dwelling. It also gathered statistics on military experience, income, immigration, ethnocultural and religious background, and education, among other factors. Statistics Canada says the results are used to plan government services involving employment, schools, public transportation and hospital services. This report by The Canadian Press was first published June 23, 2025.
