CANADA’S ONTARIO MAY LOSE 68,000 JOBS IN 2025 DUE TO US TARIFFS

Fri 02 May 2025:

US tariffs and Canada’s response could result in 68,100 fewer jobs in the Ontario province in 2025, according to a report Wednesday by the Financial Accountability Office of Ontario.

The figure may increase to 119,200 next year and 137,900 jobs in 2029.

The report contrasts a scenario with no tariffs versus a tariff scenario based on trade actions declared by the US and Canada as of April 17.

“The actual impact of tariffs on Ontario’s economy is uncertain and will depend on the magnitude, breadth and duration of tariff coverage, as well as how businesses, households and economies respond,” it said.

According to the analysis, unemployment in Ontario is predicted to increase 1.1% between 2025 and 2029 as a result of US tariffs, as opposed to no tariffs.

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The manufacturing sector and other supply chain businesses would account for the majority of anticipated employment losses.

The trade war is also predicted to slow Ontario’s economic growth and raise prices for consumers, said the report.

Meanwhile in all of Canada, the gross domestic product (GDP) unexpectedly contracted 0.2% in February month-on-month, according to data Wednesday by Statistics Canada.

“After driving growth in January, goods-producing industries (-0.6%) drove the decline in February, as mining, quarrying, and oil and gas extraction and construction contributed the most to the aggregate’s decline,” it said.

-Source: AA

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