Ontario’s Finance Minister Peter Bethlenfalvy will table the provincial budget May 15 against the backdrop of economic threats to Canada from U.S. President Donald Trump’s tariffs.
“They loomed large over the federal election. They loomed large in our election,” said Bethlenfalvy, referring to the Feb. 27 Ontario election and Monday’s national campaign that were dominated by concerns over Trump.
“It’s really important that the status quo is no longer acceptable, that we have to move on. We have a new relationship with the U.S. and we’re going to do what it takes to have a strong economy,” the treasurer told reporters Wednesday at Queen’s Park.
Bethlenfalvy said Premier Doug Ford’s Progressive Conservatives would work closely with Prime Minister Mark Carney’s Liberals to gird against Trump and diversify the Canadian economy by moving to eliminate interprovincial trade barriers.
“We have incredible comparative advantages here in Canada. We have ... abundant natural resources, critical minerals and the energy supply and incredible education and a talented workforce in the manufacturing and beyond, in skilled trades,” he said.
“So ... we’ve got a lot of strengths and working together with the federal government — I congratulate Prime Minister Carney, I sent him a note and his colleagues — we’re going to work together to have the most competitive economy in the G7.”
Asked whether Canada could avoid a recession triggered by Trump’s tariffs, Bethlenfalvy said: “We’re in an uncertain time, so I’m not going to speculate what’s around the corner.”
NDP Leader Marit Stiles said she would like to see a budget “that protects people in the first place.”
“Never has a government spent so much and accomplished so little for a province. We have encampments in every corner of this province,” said Stiles, referring to homeless enclaves like the one in Dufferin Grove park in her riding of Davenport.
Liberal Leader Bonnie Crombie called on the Tories to have “tax cuts to make life more affordable for people, for small businesses and for low-income people.”
“I’m also looking for more investment into health care because nothing has happened to alleviate the crisis in our family doctor availability,” said Crombie.
Green Leader Mike Schreiner said he would be “looking for funding to support Canadian workers and companies that are directly affected by the tariffs.”
“But I’m also looking for investments in things that people are asking for, addressing the housing crisis, the health-care crisis and the fact that we’ve cut funding for education,” he said.
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