In this edition:
- Bank of Canada lowers policy rate to 2.5%
- US kicks off consultation process for CUSMA/USMCA review
- Tawse Winery’s Augusta Van Muyen crowned Ontario Grape King
- Meridian announces 2025 Small Business Big Impact Awards
- City of Sault Ste. Marie and Hamilton Oshawa Port Authority announce new partnership
- New hospice to be part of Fort Erie’s changing landscape
- US tariffs projected to lower Ontario’s economic growth by 1.7%, says FAO
- EV advocates call on federal government to ease regulations on European vehicles
- Trade dispute, consumer spending slowdown hurting small businesses, reports Equifax
- Doug Ford urges Mark Carney to keep 100% tariff on Chinese EVs
- Focus on Retail
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Picture credit: Jeff Whyte / Bank of Canada
Bank of Canada lowers policy rate to 2.5%
The Bank of Canada today reduced its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%.
After remaining resilient to sharply higher US tariffs and ongoing uncertainty, global economic growth is showing signs of slowing, the Bank said in a statement. In the United States, business investment has been strong but consumers are cautious and employment gains have slowed.
Picture credit: nespix / Adobe Stock
US kicks off consultation process for CUSMA/USMCA review
The U.S. has unveiled the official process it will use to collect public feedback on the benefits and drawbacks of the U.S.-Mexico-Canada Agreement through a Federal Register notice submitted for public inspection on Tuesday.
The move is a critical step ahead of a trilateral diplomatic review of the free trade agreement next year.
Picture credit: Denis Cahill
Tawse Winery’s Augusta Van Muyen crowned Ontario Grape King
Tawse Winery’s Augusta Van Muyen has been chosen by her peers as the 2025-2026 Ontario Grape King, becoming only the fourth female “king” since 1956 to be awarded the honour.
“Augusta has accomplished an enormous amount in her time as vineyard manager at Tawse. She is the fourth female Grape King to be honoured, and her knowledge of grape growing is the perfect blend for our industry’s ambassador,” said Grape Growers of Ontario Chair Matthias Oppenlaender.
Picture credit: Meridian Credit Union
Meridian announces 2025 Small Business Big Impact Awards
Meridian, Ontario’s largest credit union and a champion of community-driven banking, is proud to announce the launch of the Fifth Annual Small Business Big Impact Awards, an initiative designed to recognize and celebrate the outstanding contributions of small businesses across Ontario.
In addition to regional prizing, one top winner from each region will move on to a public vote for a chance to win an additional $50,000 grand prize.
Picture credit: HOPA
City of Sault Ste. Marie and Hamilton Oshawa Port Authority announce new partnership
The City of Sault Ste. Marie and the Hamilton Oshawa Port Authority (HOPA Ports) are announcing a partnership to develop a transformative infrastructure initiative: the development of a multimodal port and trade corridor that will connect Northern Ontario to Southern Ontario and export destinations beyond.
Picture credit: Hospice Niagara
New hospice to be part of Fort Erie’s changing landscape
Willson House in Fort Erie will address a need for palliative care beds in the region and will offer a place for people with life-limiting illnesses to spend their final days with dignity, surrounded by compassion, comfort and loved ones, said the dignitaries who gathered to mark its groundbreaking.
The ceremony was held Tuesday evening at the site of the new Hospice Niagara facility, sitting on the property of the Niagara Region Gilmore Lodge long-term-care home, which opened late last year.
Picture credit: Who is Danny / Adobe Stock
US tariffs projected to lower Ontario’s economic growth by 1.7%, says FAO
Based on trade policies as of August 5, 2025, Ontario real GDP growth, the broadest measure of economic activity, is projected to slow to 0.9 per cent in 2025 and 1.0 per cent in 2026 as US tariffs reduce demand for Ontario’s exports, and businesses cut back on investment and hiring. Over the 2027 to 2029 period, real GDP growth is projected to return to its long-term average trend of 1.9 per cent, as Ontario’s economy adjusts to the impact of US tariffs. However, this implies that the level of Ontario’s real GDP would be 1.7 per cent lower than in a no tariff scenario in 2029.
Photo credit: NVB Stocker / Adobe Stock
EV advocates call on federal government to ease regulations on European vehicles
Advocates for Canada’s EV sector want Ottawa to open the door to more European cars to spur competition in Canada.
Former Quebec environment minister Daniel Breton was in Ottawa on Sep. 16, flanked by a half-dozen heads of various environmental and pro-EV organizations.
Photo credit: StockPhotoPro / Adobe Stock
Trade dispute, consumer spending slowdown hurting small businesses, reports Equifax
Small businesses across Canada are facing challenges as consumers cut back on spending and navigate a complicated trade landscape, a new Equifax Canada report showed.
More than 286,000 businesses missed at least one credit payment in the second quarter, up 5.6 per cent from a year ago, the agency’s business credit trends report, published Tuesday, found.
Picture credit: Joey Coleman / CC BY 2.0
Doug Ford urges Mark Carney to keep 100% tariff on Chinese EVs
Ontario Premier Doug Ford is calling on Prime Minister Mark Carney to maintain a 100 per cent tariff on Chinese-made electric vehicles.
The push comes as Ottawa plans to revisit tariff measures, with Agriculture Minister Heath MacDonald recently confirming the policy is under review.
Focus on Retail
Organized crime biggest threat to Canadian retailers, study finds
Gareth Madoc-Jones and Manoj Subramaniam, CityNews
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
