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While the results aren’t considered scientifically accurate, of the 513 businesses that responded, almost one-third said they were implementing hiring freezes, while the same number were expecting job cuts. Three-quarters were anticipating rising costs, which was the most common concern, while about half forecasted significant or major disruptions to their operations.

The survey captured responses as of April 4. As a result, the report said, it may not fully reflect reaction to Trump’s April 2 announcement of global “reciprocal” tariffs, which sent world markets into turmoil before he paused some of them April 9.

The report — signed by city manager Paul Johnson and general manager of economic and community development Pat Tobin — said the strong response to the survey reflected “the significant concerns held by the local business community regarding the impacts of U.S. trade measures,” and will inform the city’s tariff response.Ìý

“What you see in the report is reflective of the anxiety and the economic downturn that’s facing us,” said Chow in an interview Friday. But she said “we also need to stay optimistic,” and asserted that “we can get through this if we hang tight together and we help each other out.” That includes investing in local businesses, she said.

Asked what kind of help they wanted from their municipal government, 60 per cent of businesses that responded to the tariff impact survey said tax relief, while more than half wanted more access to funding. Thirty-nine per cent called for stronger advocacy.

As part of the mayor’s initial 10-point tariff response that council approved last month, the city has already agreed to grantÌýa six month property tax holiday to industrial owners who can show they’ve suffered financial hardship from U.S. tariffs. The mayor’s critics have pushedÌýher to do more for local businesses, however, by reducing tax rates on commercial properties.Ìý

Among the other short-term actions council approved in March wereÌýbarring U.S. firms from some city procurements, supporting businesses with a “buy local” campaign and expanding global markets for º£½ÇÉçÇø¹ÙÍøfirms.Ìý

The new report said that staff will come back to council with “policy options” on property taxes, water rates, development charges and other fees as part of a suite of measures to help improve the local business climate. Other potential longer-term actions the city will consider include the adoption of AI to increase economic competitiveness, exploring innovations to accelerate housing development, reducing reliance on U.S. energy through electrification and strengthening Toronto’s port.ÌýÌý

The new report is expected to go to council later this month. The next major update on Toronto’s tariff response is scheduled for July.

Cities across the province are bracing for the impact of Trump’s tariffs. At a press conference Friday in Markham, Ontario’s Big City Mayors caucus asked the provincial and federal governments to give municipalities a portion of “any stimulus package,” especially for infrastructure funding.Ìý

“We believe that infrastructure funding not only provides sustainability for projects into the future but it gets our people to work at a time that there is great uncertainty,” said Burlington Mayor Marianne Meed Ward, who is chair of the caucus.

With files from Mahdis Habibinia