Ontario pledges $7.7B to offset economic damage from trade war

TRENTON, Canada

The premier of Canada’s most populated province and industrial heartland announced Monday a CAN$11 billion ($7.7 billion) relief package to cushion the economic fallout from US tariffs.

“In the face of (US) President (Donald) Trump’s attacks on Ontario’s economy, our government will do whatever it takes to protect Ontario workers and businesses,” Doug Ford said in a news release.

“Today’s measures will help give workers and businesses the support they need in the face of growing economic uncertainty,” he said. “We can’t control President Trump, but we’re in full control of the kind of future we build for ourselves.”

Under the plan, select provincial taxes will be deferred for six months. Ford said this will free up $9 billon ($6.3 billion) for businesses and job creators to keep workers employed to help “weather the economic storm” unleashed by the trade war. The Workplace Safety and Insurance Board will issue a $2 billion ($1.2 billion) rebate to employers to support businesses and keep workers employed.

“We are ready to protect Ontario’s workers, businesses and families from the economic uncertainty of U.S.-imposed tariffs,” said Finance Minister Peter Bethlenfalvy. “Today’s measures help Ontario to weather the storm while continuing to build on our plan for ongoing prosperity.”

The best way to protect Ontario is “to build the most competitive economy in the G7,” Ford said, also urging a diversification of trade “so we can build a more resilient, prosperous and secure province.”