68,000 job losses possible in Ontario this year due to U.S. trade war: report [Video]

U.S. tariffs and Canada’s response could result in 68,100 fewer jobs in Ontario this year, a new report estimates. 

This figure may increase to 119,200 jobs in 2026 and 137,900 jobs in 2029, according to the report by the Financial Accountability Office of Ontario (FAO), released Wednesday. 

The FAO provides independent financial and economic analysis to the Ontario legislature. 

Wednesday’s report compares a tariff scenario based on trade actions announced by the U.S. and Canada as of April 17 against a no tariff scenario. 

“The actual impact of tariffs on Ontario’s economy is uncertain and will depend on the magnitude, breadth and duration of tariff coverage, as well as how businesses, households and economies respond,” the report said. 

U.S. tariffs are expected to raise Ontario’s unemployment …