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It was a different story back in December when a pointed to an economy turning a corner.

Business confidence had doubled year-over-year to聽26 per cent, up from an all-time low of聽13 per cent in late 2023. And nearly half of all businesses surveyed expressed confidence in their own prospects, forecasting growth in 2025.

Then we got Trumped.

When the Chamber asked the same questions this month 鈥� following weeks of chaotic tariff threats from U.S. President Donald Trump聽鈥� only and some 67 per cent are now expecting tariffs to have a negative impact on their businesses.

Business confidence聽is the linchpin of any economy. It聽drives investment and employment decisions.

Now, when businesses were asked how they would handle tariffs, the most common answers were: raise prices; diversify suppliers; lay off employees.

Two of these choices are聽bad news for consumers and workers. (One bright spot: only six per cent of businesses would consider relocating to the U.S.).

Having visited Washington recently with Canada鈥檚 premiers, I am cautiously optimistic Canada and the U.S. will come to a deal eventually.

Unfortunately, damage has already been done.

In both countries, essential investments in manufacturing capacity, productivity, technology and training have been deferred or denied.

And the harm to the Canada-U.S. relationship will take years to repair.

So, now what?

If there鈥檚 one message we have heard from Ontario businesses since early February, it鈥檚 that they don鈥檛 want to wake up to another “Groundhog Day,” with our economy at the mercy of an unreliable, untrustworthy trading partner.

This is a crucial聽moment for Ontario and Canada to take a long聽look at聽ourselves in the mirror.

To succeed, we must prioritize competitiveness over complacency, diversification over dependence and resilience over resentment.

Here are eight ideas to help Doug Ford make that happen:

Dismantle interprovincial trade barriers

While the Chamber has been pushing this idea for years, it鈥檚 never been a political priority 鈥� until now. That鈥檚 not surprising.

Voters are more focused on jobs, affordability, health care, education and public safety.

However, unfettered interprovincial trade聽would lead to聽more choice and lower prices for consumers, new opportunities for businesses, jobs for talented people where demand is greatest, and more tax revenue for support programs for businesses and services for Ontarians.

Triage industries and businesses most at risk

Let鈥檚 make their protection a priority in trade negotiations, and in business support programs.

Because when a manufacturer is gone, it鈥檚 like that Bruce Springsteen song: “These jobs are going, boys, and they ain鈥檛 coming back ...”

Make Ontario鈥檚 tax and regulatory systems more competitive

Taxes remain the top policy priority for businesses.

We also need to look at the full cost of doing business here聽鈥� ensuring regulation is simple and focused on clear outcomes.

Enable more affordable housing

Housing costs are the second-highest business concern.

This requires not just investment, but also legislative and regulatory changes to enable gentle densification.

Improve primary health care

Health care is part of Canada鈥檚 competitive edge.

While the province has announced plans to connect two million more people to a family doctor, Ontario鈥檚 doctors warn that the need will double by 2027.

Invest in our talent pipeline

In Ford鈥檚 last term, the government attracted historic investments in advanced manufacturing, life sciences and other industries of the future.

Ontario now needs to develop the workforce of that聽future.

Let鈥檚 set an ambitious goal to have the best-funded post-secondary education system in Canada聽鈥�

It is right for the government to consider aggressive spending to support businesses and workers who might be affected by U.S. tariffs.

But it would be wrong to spend billions subsidizing the present while neglecting our future.

Build Canada鈥檚 trade infrastructure

Ontario is making enormous infrastructure investments聽in transit, broadband, clean energy and electrification, the EV supply chain, and housing-enabling infrastructure.

But Canada must improve at getting big things built and big things done.

This means unlocking the critical minerals potential of our north, in partnership with Indigenous people, nations and communities.

It also means opening new pathways so that resources don鈥檛 just flow smoothly from north to south聽鈥� but also from east to west, across the country and then overseas.

Double down on diversity

Will Canadian businesses follow the U.S. backlash against diversity, equity and inclusion (DEI) policies?

The Chamber survey suggests otherwise.

DEI has dropped slightly as a business priority, down two per cent since 2023.

But the percentage of businesses with a formal DEI strategy is five per cent higher.

This isn鈥檛 the time to back away from diversity; it鈥檚 time to double down.

As we plot our course in a more competitive world, it is one of our greatest competitive advantages.

Ontario remains a highly attractive destination for business investment.

Our challenges are real but reversible with the right policies聽鈥� and the right strategy.

Our economic trajectory for 2025 will be a tale of two tomorrows: one with tariffs, one without.

As Ford’s new government returns to office, its challenge is to ensure it protects Ontario聽鈥� for either future.