Item - 2025.EX22.9

The Executive Committee recommends that:  

1. City Council direct the City Manager and the General Manager, Economic Development and Culture, to continue efforts to advance the Mayor's Economic Action Plan in Response to United States Tariffs and report back on implementation progress to City Council in July 2025.

At its meeting on March 26, 2025, City Council adopted the Mayor's Economic Action Plan in Response to US Tariffs, which laid out ten (10) immediate actions the City is taking in response to United States (US) tariffs. The cumulative effect of these tariffs, along with multiple subsequent announcements, threatens to upend global supply chains, shut down auto manufacturing plants in Canada and the US, and reduce the productivity of the global economy with some economists raising the increasing likelihood of a recession in the US, Canada and beyond.

Since the adoption of the Mayor's Economic Action Plan in Response to US Tariffs, staff have been working to implement the actions, monitor the evolving US trade situation, and continue to work with the Mayor's Economic Action Team on the next phase of City actions. Notably, American trade policy and related Executive Orders from the White House continue to evolve rapidly, and this report outlines the situation at the time of writing. City staff are committed to monitoring the situation and providing Council with timely updates. This report provides an update on the implementation of the Council-approved action plan and outlines the next steps for City response.