When you look at the global industry in general, you see that there's been a leapfrogging. We know that other countries, particularly in Asia, have been able to come up with affordable vehicles with new technology, and we know that these different vehicles are now being sold around the world. The North American market has been much more linked to exporting within NAFTA territory, meaning Canada, the U.S and Mexico, and we made sure, through the last negotiations, that we would be protecting our market.
What we saw at the time was that we needed to invest more in the EV sector, because that's where the global demand was going, but it was also in reaction to what former president Biden was doing with his own Inflation Reduction Act, the IRA. We made big investments at the time because they were in line with what other jurisdictions were doing.
We also had an advantage that many other jurisdictions didn't have: We had access to green, affordable electricity. That is why we were able, working with the Government of Ontario, to attract investments into the EV sector, including, obviously, in your riding of Oakville.
It was not only to bring the big Stellantis and LG plant to Windsor—we'll just call it NextStar—and it was not only St. Thomas and Volkswagen. It was also linked to investments in Bécancour, Quebec, and it was having impacts across the supply chain for small and medium-sized businesses. It was a strategy that made sense.
The 25% tariffs against Canadian vehicles now are really hurting, obviously, but it's not only that: The end of the Inflation Reduction Act also had an impact on the auto sector. What we're coping with right now is that the industry, at the world level, is going much more toward EVs; meanwhile, the North American market is not necessarily at the same pace. That is also why we paused the EV mandates, and I'm convinced I will get questions on that. It was because we wanted to be pragmatic.
That's why we're trying to do two things right now—protect the jobs that are under threat and create new ones, and at the same time be at the forefront of the competitiveness of our sector, knowing that we have lots of really great resources, ranging from everything that is linked to the components of the batteries, because of the rare earths and the critical minerals, up to having access to affordable green electricity to create the vehicles and assemble them.
That's what I'm trying to do. It's not to be ideological but to be pragmatic and support the jobs at Honda and Toyota—and by the way, 70% of their production is in our country—while making sure that I can continue to retain the jobs from the D3 of Stellantis, Ford and GM.
That's what I'm doing right now, and I look forward to working with you.