Ontario has lost 38,000 jobs in the past three months as the effects of tariffs imposed by the United States begin to emerge, a new report from the province’s financial overseer suggests.
Employment within Ontario’s industrial sector dropped by 3.5 percent in the second quarter of 2025, a recent report released by the Financial Accountability Officer of Ontario has found.
It’s a shift financial accountability officer Jeffrey Novak attributed to the early impact of the tariffs U.S. President Donald Trump has imposed on Canadian imports, as well as on broad economic factors.
“The latest economic indicators suggest mostly negative results for Ontario’s economy in 2025 Q2, with losses in employment, manufacturing sales, wholesale and retail trade, and international exports,” Novak wrote….