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

Close to a third of Toronto businesses recently surveyed by city staff say they expect they'll have to make job cuts due to the impacts of U.S. tariffs. 

The survey data was included in a recent report to Mayor Olivia Chow's executive committee as part of an update on her tariff response plan. The City of Toronto, in partnership with the Toronto Region Board of Trade, had sought out feedback from businesses on how they think tariffs will impact them. 

Of the 513 business owners that responded to the online survey, 31 per cent said they foresee job cuts as a result of the trade war with the United States, while 31 per cent are already implementing hiring freezes. 

Seventy-five per cent said they expect rising costs due to tariffs, making it the most common concern among businesses that responded, the report says. 

The report also sheds light on how much Toronto businesses rely on trade with the U.S. 

More than half of respondents said they rely on U.S. imports for their business, including for raw materials, food and beverages, construction materials, manufactured goods, and consumers products.

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

The survey responses were from individuals who self-identified as business owners or operators, a city spokesperson said. However, respondents were not required to submit verifying documents as the survey was anonymous unless participants voluntarily chose to provide their contact information, the spokesperson said. 

The survey's findings indicate just how much fear the ongoing trade turmoil has created for local businesses, said. Coun. Josh Matlow. 

"I'm hearing directly from small businesses — obviously, our survey demonstrated this as well — that they're scared. They're really, really scared," he said. 

"We don't know exactly what's going to happen yet, but it doesn't change the fact that people are worried."

Chow said the city is moving quickly to implement her 10-point plan to respond to the tariff fight, including a six-month property tax deferral for businesses, which is already moving ahead. 

Staff have prepared an online application for eligible industrial property owners to apply for the deferral, which should be available online beginning mid-April, the report says.