Ontario could be sent into ‘modest’ recession by U.S. tariffs do sex sex to

Apr, 30 2025 16:23 PM

Ontario could enter a “modest” recession, according to the province’s financial watchdog, as tariffs from the United States hit the economy and hurt business with the province’s largest trading partner. A new report released Wednesday by the financial accountability officer of Ontario examined the impacts of steel, aluminum and auto tariffs levied by U.S. President Donald Trump on Canadian exports.The report found the impact of those tariffs would slow Ontario’s growth in 2025 and could lead to a modest recession this year. The next year, growth would remain slow but return to just over one per cent. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy. The reason Ontario’s economy would be hit so hard is its reliance on exports to the United States.The financial accountability officer found 77 per cent of Ontario’s total goods exports were to the U.S., along with 60 per cent of the province’s service exports. Every year for the past decade, with the exception of 2016, Ontario recorded a trade deficit with the U.S. — averaging $8 billion. Trending Now What next for the NDP after party loses leader, seats and official status? Meet the man who ousted Pierre Poilievre: ‘Someone had to stand up’ Story continues below advertisement if ( typeof( gn_monetize ) !== 'undefined' && typeof( gn_monetize.Ads ) !== 'undefined' && gn_monetize.Ads.initialRequestMade() ) { // Ads script has been loaded, create the ad. gn_monetize.Ads.create( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-10","lazy":false,"targeting":{"pos":10,"slotid":"gpt-ad-300250-10"},"companion":false} ); } else { // if Ads script not yet loaded, queue up ad data for initialization. var gnAdSettings = gnAdSettings || {}; gnAdSettings.ads = gnAdSettings.ads || []; gnAdSettings.ads.push( {"sizes":"[300,250]","biddable":true,"id":"gpt-ad-300250-10","lazy":false,"targeting":{"pos":10,"slotid":"gpt-ad-300250-10"},"companion":false} ); } Asked about the report on Wednesday, Ontario Premier Doug Ford said he remained optimistic.“I’m going to disagree with that — let’s see what happens,” he said.“I’m confident, I really am. I always look at the glass as half-full and no one can predict the future, but I’m predicting that we’re going to do better than other jurisdictions around the world and in North America.” More on Politics More videos Meet the man who ousted Pierre Poilievre: ‘Someone had to stand up’ What next for the NDP after party loses leader, seats and official status? Smith says many Albertans frustrated by federal election, wants to ‘reset’ relationship with Ottawa Canada election tells a tale of 2 demographics split on top issues Poilievre loses Ottawa-area riding of Carleton he held for 20 years Future of federal NDP party uncertain following election ‘He doesn’t like any other human being on this planet’: David Frum rips Trump for ‘damage’ caused to U.S.-Canada relationship Premier Smith calls on Carney to reset relations with Alberta

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Ontario could be sent into ‘modest’ recession by U.S. tariffs do sex sex to

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