Hour 2 of Ottawa Now for Wed. April 2nd, 2025

If you are working in an industry that is being threatened by U.S. tariffs, it might become a lot more difficult to borrow money from the nearby bank. According to an internal BMO memo that was shared with its brokers, they plan to tighten their lending criteria for self-employed borrowers who are working in Aluminum and Steel sectors. This directive also applies to other ‘high-risk’ industries, ranging from manufacturing and farming to other natural resources. The bank claims this move is being done to protect the ‘long-term financial health’ of its customers. Kristy Cameron digs deeper with Chris Roberts in Hour 2. He is the Director of Social, Economic, and Policy Department at the Canadian Labour Congress. Meantime, the ‘Elbows Up’ movement has been skyrocketing in popularity across the country, as the effects of countermeasures drift around the periphery. But if the feds proceed with an all-out counter-tariff gameplan, experts say we could see differences in costs all over the place. This, in turn, could test our country’s inner loyalty to a Canada-first initiative going forward. CFRA’s Chris Holski has more on that.