HomeMy WebLinkAboutEDAC - 2025-03-26 RTCHENER
Economic Development Advisory Committee
Committee Minutes
March 26, 2025, 11:00 a.m.
Electronic Meeting
Present: Councillor D. Schnider, Member
Councillor A. Owodunni, Member
Councillor Margaret Johnston, Member
Chuck Howitt, Member
M. Lam, Vice-Chair
M. Krushack, Member
J. Curto, Chair
M. Bingeman, Member
A. Akbar, Member
Matthew Wong
Robert Both
Staff: Cory Bluhm
Brian Bennett
N. Nandakumar, Committee Administrator
Aura Hertzog
Lidia Feraco
Jennifer Sandoval Penilla
1. Commencement
A virtual meeting of the Economic Development Advisory Committee was held at
11:01 a.m. on March 26, 2025. Chaired by Joe Curto.
2. Disclosure of Pecuniary Interest and the General Nature Thereof
None
3. Delegations
None
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4. Discussion Items
4.1 Standing Item - Tariffs, Business Outreach and Support Local Initiatives
R. Both and M. Wong gave a presentation on the topic. Here are the main
takeaways from the discussion:
• 25% tariffs imposed on Steel and Aluminum effective Mar 13, 2025,
previously tariffed at 10%
• Blanket 25% tariffs on all goods non-compliant with USMCA (United
States-Mexico-Canada Agreement)
• April 2nd - Tariffs to be expected targeting vehicles, pharmaceutical
products, semi-conductors, lumber and copper.
• Motor vehicles and parts will be the most effected industry in Ontario.
• Tariffs were imposed under two different statutes:
o IEEPA (US Emergency Powers Act)
o National Security Considerations
• Late May and earlier June 2025 - Canadian budget and economic data
will be available regarding the impact of tariffs.
• Approximately 75% of Canada's exports are directed to the United States.
• Canada is shifting towards becoming a service-based economy with
goods producing jobs accounting for 1 in 3 jobs across Kitchener Waterloo
in 2025 up from 1 in 4 jobs in 2024.
• Canada has a 100 billion Dollars (US Dollars) surplus in energy products
• Exports as a share of GDP have continued to come down.
• Industry share of total exports:
o Motor vehicles - between 15-20%
o Metal Products 10%
• Canadian supply chains are heavily depended on US imports.
• Approximately $160 billion worth of motor vehicle parts and transportation
equipment is imported by Canada, and the United States accounts for
56% of these imports.
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• Canada also relies heavily on imports of chemicals, plastics, and industrial
machinery from the United States
• Kitchener - Waterloo labour market is more exposed to threats due to its
dependence on the manufacturing sector compared to other regions
• Manufacturing accounts for approx. 9% of total employment activity
across Canada and at 15% in the Kitchener Waterloo region. (nearly
60,000 manufacturing jobs in the region)
• The study put out by a group facilitated with Canadian Chamber of
Commerce indicated that Kitchener was the fourth highest city venerable
to the US Tariffs.
• Counter tariffs are in place for about 60% ($30bn) Canadian exports to the
US and another $95bn scheduled for April 2nd pending US actions.
• Bank of Canada conducts surveys on inflation expectations and in the
most recent survey suggests possibility of a short-term consumer inflation
expectation.
• Possibility of Bank to cut rates another three times reaching to 2% in Q3.
4.2 Update on Bramm Yards
B. Bennett provided a briefing on the updates available.
• The project is moving forward with an Environmental Site Assessment in
two phases to examine and understand the quality of soil and
groundwater.
• Phase 1 - Environmental Site Assessment (ESA)
• Phase 2 - ESA and Geotechnical &Archaeological Investigation
• The City is inviting proposals for consultants to undertake the
assessments and it is planned to select and identify a consultant by year-
end 2026.
• It is expected that the study findings will be valid for a period of 8 to 10
years.
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5. Adjournment
On motion, this meeting adjourned at 12.06 p.m.
Navitha Nandakumar
Committee Administrator
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