Ontario should rejig supports for small auto businesses in wake of tariffs, CFIB says
Global News
Ontario should rejig its programs meant to support auto businesses through the impact of tariffs and associated economic uncertainty, an advocacy group says in a new report.
Ontario should rejig its programs meant to support auto businesses through the impact of tariffs and associated economic uncertainty, as the way they’re currently structured is leaving small businesses in the lurch, an advocacy group says in a new report.
The Canadian Federation of Independent Business released a report Wednesday based on a survey of 187 small-to-medium-sized businesses in the automotive sector, from parts suppliers to repair shops, and found that tariffs are already having an impact.
Their revenue has declined by 13 per cent, on average, and half of them reported that they have paused or cancelled investments due to uncertainty caused by the Canada-U.S. trade war, which could lead to billions in lost revenue or missed investments, the report said.
“It’s impossible for a business owner to really know what’s going on these days,” Joseph Falzata, co-author of the report and policy analyst with CFIB Ontario, said of the whiplash trade policy news.
“I do this as my full-time job, and it’s always difficult for myself. So you can only imagine a business owner who’s working 50, 60 hours a week trying to keep track of things.”
Their revenue is taking a hit in part because they are paying higher prices and there is confusion about which products are affected by tariffs, as well as due to costs associated with seeking out new supply chains, Falzata said.
Ontario has programs meant to help shore up businesses in the automotive sector, but while appreciated, they’re missing the mark when it comes to supporting smaller businesses, the CFIB report says.
In its spring budget the provincial government said it was putting $85 million into two programs: the Ontario Automobile Modernization Program to help parts suppliers upgrade equipment and the Ontario Vehicle Innovation Network for research and development.
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