London’s economic leaders are looking for ways to protect local jobs and help businesses navigate ongoing uncertainty in the trade relationship with the United States. Mayor Josh Morgan reconvened the London Economic Response Team on Wednesday, bringing together representatives from the business, institutional, and economic development sectors. The group discussed recent tariff changes, the potential impact on local industries and workers, and ways to strengthen London’s economy through diversification and government support programs. “We have a rapidly changing environment that is impacting jobs in this community, potentially a significant impact across multiple sectors as well as potentially consumer prices,” Morgan said. He said the city is also looking at ways to help small and medium-sized businesses access federal and provincial funding programs. Morgan said larger companies often have the resources to navigate government applications, while smaller businesses may not have the same capacity. “We recognize that there are small and medium businesses, sometimes with a handful of people or a few dozen people working for them, that don’t have the capacity to navigate government programs,” he said. The city has also adjusted its procurement strategy to include domestic supply chain considerations, Morgan said. Kapil Lakhotia, President & CEO at the London Economic Development Corporation said the city is continuing to invest in infrastructure and attract businesses from markets outside the United States. “We’ve been successful in attracting new plants despite all this economic chaos. This year, we’ve had several expansions that focus on other parts of the world as well,” Lakhotia said. He pointed to the expansion of Innovation Park and new food-processing initiatives as examples of efforts to diversify the local economy. Cristina Fox, CEO of Tech Alliance, said businesses need to consider the potential impact of tariffs throughout their supply chains, including customers and suppliers connected to other markets. “Making sure that we have a critical mass of strong supply chain in this region and beyond Canada,” explained Fox. “Companies are thinking about their vendors vendor, and how are they actually entering new markets outside of Canada.” Jason Bates, general manager of the London Region Manufacturing Council, said some manufacturers are exploring opportunities to expand their customer base in Canada and other parts of the world. “In lieu of working strictly and solely with the US as their export market, we’re seeing a lot of exploration of doing business in Canada, Canadian supply chains as opposed to American supply chains,” Bates said. The team also discussed the Trade Impacted Community Program, research from the Federation of Canadian Municipalities and priorities outlined in London’s economic development plan. Morgan said the goal is to protect jobs, support businesses and ensure London is prepared for further changes in the international trade environment. Morgan noted that a national event that will be held in London next week, where intel will be presented on the impact of the trade war and how municipalities are responding.
