Ontario's economy has recently started to feel the impact of American tariffs, shedding 38,000 jobs in the second quarter of 2025, the province's financial watchdog said Thursday in a report.
Financial accountability officer Jeffrey Novak said hits to employment in that timeframe include the early impacts of the tariffs, as well as 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.