The U.S. imposed new 50% tariffs on various Canadian exports on August 22, 2026. Canadian counter-tariffs have been announced and are set to take effect September 8, 2026. Please monitor for updates as more information emerges.
The City of Toronto is implementing the Mayor’s Economic Action Plan in Response to U.S. Tariffs, is actively engaging with federal and provincial governments and supports a Team Canada approach. Toronto holds an integral role in the nation’s economy and the City is committed to working closely with leaders across the country to address the impact of the U.S. protectionism on local businesses and workers.
To mitigate the effects of tariffs and strengthen local economic resilience, the U.S. Engagement Secretariat is also convening with business and labour leaders to advise on the City’s response and is actively monitoring tariffs and implementing the action plan that includes enhanced local procurement to minimize disruptions.
To monitor the impacts of tariffs, the Toronto Economic Insight and Trade Dashboard offers a unique set of indicators designed to capture business activity, trade volume and business sentiment for better understanding potential fluctuations in level of investment in the context of current economic uncertainty.
Arrange a one-on-one consultation to get personalized, professional advice on how to meet business challenges and maximize opportunities.
On August 22, 2026, the U.S. imposed new tariffs of 50% on about $20 billion US of Canadian exports under Section 338 of the U.S. Smooth-Hawley Tariff Act of 1930. In response, the Government of Canada announced counter-tariffs on August 25, 2026. These measures may affect Toronto businesses through increased costs, supply chain disruptions and market uncertainty.
The City of Toronto continues to support businesses impacted by changing U.S. trade policies. In addition, businesses can seek information on federal measures, supports and resources.
Under Section 232 of the U.S. Trade Expansion Act of 1962, U.S. tariffs are in effect on the following Canadian exports:
As of September 1, 2025, U.S. goods that are compliant with CUSMA will be exempt from retaliatory tariffs enacted on March 4, 2025. The other Canadian retaliatory tariffs will remain in place on imports of U.S. steel, aluminum and automobiles at 25%.
At the Committee on Internal Trade meeting in March, the Honourable Anita Anand, Minister of Transport and Internal Trade, and her provincial and territorial counterparts agreed on additional measures to eliminate regulatory barriers to internal trade, encourage free movement of labour and to further standardize regulations across Canada.
In response to the Section 338 tariffs imposed by the U.S. on August 22, 2026, the Government of Canada announced dollar-for-dollar retaliatory tariffs, effective September 8, 2026, targeting U.S. steel, dairy, appliances, agricultural equipment, pulp and paper, electronics and other products. The Government of Canada maintains a complete list of U.S. products subject to counter tariffs.
The City’s Trade Diversification Webinars provide practical advice and valuable insights from industry experts to support businesses looking to expand and diversify their trade strategies.
These foundational sessions are designed to help businesses build their export knowledge, explore new global markets and strengthen their international trade approach.
Learn more and register for a variety of webinars.
When you shop local your dollars stay in the local economy, creating jobs and contributing to the local tax base. This all creates the vibrant and livable communities in which people want to live and entrepreneurs want to start and grow their businesses in.
New investment is attracted to communities where small businesses thrive. This helps generate the tax revenue that builds critical infrastructure, provides amenities and funds programs for the community.
Toronto’s neighbourhoods are filled with Canadian-owned small business selling local goods and services. Explore your local Business Improvement Area.
Toronto’s iconic Market Districts offer unparalleled atmospheres, regular events, tasty treats and some of the most unique shops in the city:
Across the city, there are also many incredible public markets and trade exhibitions to explore year round: