The Ontario government has broadened eligibility under the Protect Ontario Financing Program and the Ontario Together Trade Fund to provide vital capital support to businesses affected by the recently announced US tariffs.
The US government presented measures impacting Canadian exports to the US on September 8. Additional 50 percent tariffs will be imposed on the following on September 15:
- Certain steel, aluminum, and other metal products
- Mattresses, furniture, paper products, motorboats, and golf carts
- Certain dairy and specialty cheese products
- Selected animal skins and leather products
On September 29, import bans will be effected on the following:
- Canadian alcoholic beverages, including beer, wine, cider, spirits, and other liquor products
- Certain dairy-related products, including whey products
- Motorcycles with engine capacities exceeding 800cc
The $1 billion POFP offers loans to support payroll, lease payments, and utilities expenses, while the $150 million OTTF issues grants or loans that facilitate interprovincial trade expansion and reshoring to non-US supply chains for small and medium-sized Ontario businesses.
“Our government is delivering nearly $30 billion in support for tariff-impacted workers and businesses, providing critical support so we can protect workers and communities. We’ll do whatever it takes to protect Ontario jobs as we continue delivering on our plan to build the most competitive economy in the G7,” said Peter Bethlenfalvy, Ontario’s finance minister, in a statement.
The provincial government said it would broaden eligibility further in line with US trade actions against Canadian goods.
“Ontario will not back down in our fight to protect our workers and businesses from tariffs and economic uncertainty. In the face of President Trump’s latest economic attacks, we are helping businesses keep workers on the job and building an economy that can stand up to anything that comes our way for decades to come,” said Vic Fedeli, Ontario’s minister of economic development, job creation and trade.
The provincial government also outlined ongoing efforts to strengthen its economy through the following:
- Construction on the Marten Falls Community Access Road, the Webequie Supply Road and the Anaconda and Painter Lake Roads – major links in the Ring of Fire road network
- Construction on the G7’s first small modular reactor
- Refurbishment of the Darlington Nuclear Generating Station, the Pickering Nuclear Generating Station, and the Bruce Nuclear Generating Station
- Planning for new nuclear generation at Port Hope’s Wesleyville site
- Delivery of the Northern Shield Energy Corridor from Hardisty, Alberta to Sarnia
- Employment of workers under Ontario’s $236 billion infrastructure plan
These measures create many jobs and contribute billions to Ontario's economy, the government said.