As Trump’s second term nears, Ontario braces for potential tariffs that could impact its economy and jobs.
Toronto: With Trump’s second inauguration just around the corner, Ontario is on edge. The province is worried about possible tariffs that could hit hard. These tariffs might really shake up the economy and lead to a trade war.
Trump has been vocal about a 25% tax on Canadian goods. Experts say this could hurt many industries and even affect Canada’s GDP. It’s a big deal for Ontario, which trades about $500 billion with the U.S.
Premier Doug Ford mentioned that these tariffs could cost up to half a million jobs. That’s a lot of people affected. Trump will be sworn in soon, and he’s expected to sign a bunch of executive orders. Some of these might reveal more about his tariff plans.
Reports suggest that the tariffs could come in stages. This way, they won’t cause a huge spike in prices. But a 25% tariff on Canadian oil could raise gas prices in the U.S. by 75 cents a gallon. Yikes!
The Canadian government is readying itself for a response. They’re looking at retaliatory tariffs on about $37 billion worth of goods. Ford has been promoting his idea of “Fortress Am-Can,” which aims to strengthen trade ties between Canada and the U.S.
He believes a trade war would only benefit China. Ford has been clear about wanting to work together, but he’s also ready to retaliate if needed. He’s committed to standing with other provinces if Trump goes ahead with the tariffs.
Ontario even sent a team to D.C. for the inauguration. Their goal? To push back against these potential tariffs. It’s a tense time, and everyone is watching closely.
More updates are on the way.
