Here’s what you need to know:
- US President Donald Trump used Section 232 of the Trade Expansion Act to impose tariffs on goods from other countries, including steel, aluminum and auto materials from Canada, if those products threaten US security
- Because of those tariffs, it’s very likely that Canadian companies in the steel, aluminum and auto industries will lose sales, will cut back hiring and hours of work, reduce investment, and see their profit margins decline
- To provide relief to companies impacted by the US tariffs, the Ontario government announced the $5 B Protect Ontario Financing Fund in the 2025 provincial budget and announced the first tranche of funding in the amount of $1 B on August 13th
- Companies in the steel, aluminum or auto industriesthat are interested in accessing the fund should visit the fund’s web page at https://www.ontario.ca/page/protect-ontario-financing-program?utm_campaign=%2Fen%2Frelease%2F1006305%2Fprovince-launching-protect-ontario-financing-program-to-support-sectors-impacted-by-us-tariffs&utm_medium=email&utm_source=newsroomand complete the short questionnaire
- Applicants will undergo rigorous assessment to ensure taxpayer funding is distributed responsibly
For the government’s News Release, click on the following link:
