Ontario’s new provincial budget has been released, with the Progressive Conservative government calling it “a Plan to Protect Ontario,” but it includes few new measures to protect vulnerable industries such as automotive, steel, agriculture and forestry.
Finance Minister Peter Bethlenfalvy said the budget reflects how much the province has already done to protect Ontario’s economy from tariffs and other threats over the past year, and shifts focus toward more growth to secure the economy.
“Last year has been marked by significant change in the world around us,” Bethlenfalvy said.
“But geopolitical forces that may have once felt distant have now reached our shores . . . That is why this budget is so important. It is about creating jobs, increasing our competitiveness, and growing our economy.”
Much of the support for key industries in this year’s budget builds on previous efforts to shore up local industries in the face of an unexpected trade war with the United States.
For instance, Ontario farmers are being hit by a global shortage of nitrogen-based fertilizers caused by the blockade of the Strait of Hormuz by Iran. While the budget contains no new targeted supports, it highlights the existing Risk Management Program, which helps “farmers manage risk beyond their control, like fluctuating costs and market prices.”
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