Over one-third of Toronto businesses expect tariffs will create job losses, city survey suggests

Sarah Petz · CBC News

· Posted: Apr 14, 2025 2:37 PM EDT | Last Updated: 2 minutes ago

More than a 3rd of Toronto businesses precocious surveyed by metropolis unit accidental they expect they'll person to marque occupation cuts owed to the impacts of U.S. tariffs. 

The survey information was included successful a caller study to Mayor Olivia Chow's enforcement committee arsenic portion of an update connected her tariff effect plan. The City of Toronto, successful concern with the Toronto Region Board of Trade, had sought retired feedback from businesses connected however they deliberation tariffs volition interaction them. 

Of the 513 businesses that responded to the survey, 31 per cent said they foresee occupation cuts arsenic a effect of the commercialized warfare with the United States, portion 31 per cent are already implementing hiring freezes. 

Seventy-five per cent said they expect rising costs owed to tariffs, making it the astir communal interest among businesses that responded, the study says. 

The study besides sheds airy connected however overmuch Toronto businesses trust connected commercialized with the U.S. 

More than fractional of respondents said they trust connected U.S. imports for their business, including for earthy materials, nutrient and beverages, operation materials, manufactured goods, and consumers products.

Meanwhile, 37 per cent said they export their products to the United States, the study says. 

The survey's findings bespeak conscionable however overmuch fearfulness the ongoing commercialized turmoil has created for section businesses, said. Coun. Josh Matlow. 

"I'm proceeding straight from tiny businesses — obviously, our survey demonstrated this arsenic good — that they're scared. They're really, truly scared," helium said. 

"We don't cognize precisely what's going to hap yet, but it doesn't alteration the information that radical are worried."

Chow said the metropolis is moving rapidly to instrumentality her 10-point program to respond to the tariff fight, including a six-month spot taxation deferral for businesses, which is already moving ahead. 

Staff person prepared an online exertion for eligible concern spot owners to use for the deferral, which should beryllium disposable online opening mid-April, the study says.