Toronto council restricts U.S. companies from contracts

Toronto’s city council has approved a plan to restrict U.S. companies from bidding on city contracts. The unanimous decision comes in response to potential tariffs from the U.S. government, as Mayor Olivia Chow aims to strengthen the local economy. Chow's 10-point plan includes deferring taxes for industrial property owners impacted by trade issues. The city will encourage local purchasing and reduce reliance on American services like ride-hailing apps. This plan aims to support local businesses amid escalating trade tensions. While council members support the measures, some express concerns about alienating American tourists and investors. The plan is meant to stimulate the local economy, but it remains uncertain how it will affect future taxes or business relationships. Chow stated the city would reconsider these restrictions if the trade relationship stabilizes. Currently, about 10% of Toronto's contracts went to American firms, totaling $210 million over the past two years. The council's actions could impact future dealings with U.S. companies and event organizers.