Ontario expands financing program to counter U.S. tariffs

The Ontario government is expanding the eligibility of the Protect Ontario Financing Program (POFP) to support businesses and workers affected by new United States tariffs. This move responds to the enactment of section 338 tariffs, which include a 50 per cent spike on various Canadian imports.

The expansion aims to assist companies already facing section 232 tariffs on steel, aluminum, copper, and automotive products. By broadening the program, the province intends to help businesses manage operational pressures caused by these trade measures and prevent layoffs.

Premier Doug Ford characterized the tariffs as an “economic attack,” stating the government will take necessary steps to protect provincial jobs and paycheques. The province has also indicated it will continue to use various tools to mitigate trade impacts, including retaliatory restrictions on U.S. alcohol and procurement.