A recent survey conducted among Toronto businesses revealed that over one-third anticipate job cuts due to U.S. tariffs, with significant concerns about rising operational costs. The feedback, part of Mayor Olivia Chow's executive report, emphasized the reliance on U.S. trade, with more than half of respondents dependent on U.S. imports. The survey reflected a climate of fear among business owners, prompting Chow to introduce a tariff response plan, including property tax deferrals aimed at supporting struggling enterprises.
More than a third of Toronto businesses expect job cuts due to U.S. tariffs, with many reporting rising costs and potential hiring freezes.
Seventy-five percent of surveyed businesses anticipate increased costs from tariffs, highlighting the significant economic pressure they face.
Coun. Matlow expressed deep concerns about the fear created among local businesses, noting their anxiety and uncertainty regarding the trade situation.
Mayor Chow's 10-point plan includes measures like property tax deferrals for businesses to help alleviate the financial strain caused by tariffs.
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