The following remarks were delivered by Toronto Region Board of Trade President & CEO Giles Gherson at the 135th Annual Dinner on February 27, 2025.
Wasn’t that sensational! Good evening, everyone! Welcome to our 135th Annual Dinner.
The whole world might feel like a circus right now. But up here, in this room, our circus is a lot more entertaining. This is Toronto’s greatest show! Over 1000 of Toronto’s business leaders in one room, energized and ready to celebrate those who Dare to Lead.
And we should celebrate - as one of the continent’s leading cities. And double down on our collective commitment to this region’s future prosperity. For that is the pressing cause of the hour.
This year’s dinner is happening at a pivotal moment. Just to recap:
- January 6th, Prime Minister Trudeau announces his resignation, launching a Liberal leadership contest.
- January 20th, President Trump inaugurated.
- January 24th, writs drawn for an early provincial election.
- A week later, Trump announces a shocking 25% tariff on all imports from Canada (10% on energy).
- February 3rd, a one-month reprieve. Phew!
- But then, February 11th, a reversal of a reversal—25% tariffs on Canadian steel and aluminum exports to the U.S.
And daily musings since, about imposing 100% tariffs on cars, tariffs to match sales taxes like HST, and of course, the now constant drumbeat of annexation threats. Which brings us to today—election day in Ontario.
All this, and it’s still only February!
For a country that thrives on peace, order and good government and whose good fortune can sometimes fuel more than our fair share of complacency the first tumultuous two months of 2025 have certainly provided a jolt.
But also, a call to action.
This isn’t the first time that Americans have shaken us out of our casual overreliance on them. Their huge market, economic strength, defense umbrella. Resting on our long, intertwined history of friendship, family ties and shared values. Suddenly, our hugely mutually profitable trading relationship is at risk, in a way, not seen since 1930—yes—and the Smoot Hawley tariffs.
Not by market forces, but because of an America First White House, captured by a new paradigm of disorder; dominance and submission, not conventions and laws, and seemingly intent on turning allies into adversaries for advantage. However, even noted Trump supporter, Ben Shapiro, said: I don’t understand what exactly we’re trying to pry out of the Canadians.
Already, this profound upheaval and uncertainty is causing significant damage—on both sides of the border. Lost sales, frozen investments, falling consumer confidence, jittery financial markets. That’s just for starters. We’ll see what next month brings.
As I said last November in the Globe and Mail, this needs to be a wake-up call—politically and economically—for Canada and our region. This crisis catches us at a point of acute vulnerability. But, it didn’t just come out of nowhere.
It’s a long-running inconvenient truth that our economy has been falling behind for years. We allowed ourselves to become vulnerable. We lack the economic armour needed to withstand the global volatility we thought was a safe distance from our doorstep.
We need action. It’s up to us—the business community in our region, Canada’s economic engine—to take our future firmly into our own hands.
From my time in government, I know that change happens when business coalesces and makes the case for change. Change needed from all levels of government.
To start:
- The elimination of interprovincial trade barriers to create a truly national market for the first time in our 157 years.
- A far more competitive tax and regulatory environment.
- A lower cost jurisdiction to do business.
These are the table stakes needed to halt the very real flight of our top talent and businesses across the 49th parallel, now underway.
At the Board, mobilizing business for greater success is what we do. Last week, a prime example. Our Business Congestion Taskforce and Governing Council released the Toronto Congestion Action Plan. Aimed at getting our economy moving by attacking the growing gridlock crisis that now causes $45-billion in economic damage to our region every year.
It’s a 5-point plan with practical solutions, aimed at enabling maximum mobility on our 16-major roads. And it can be done quickly. We need swift action while we wait for the largest transit expansion in North America to roll-out.
As I said, this is what the Toronto Region Board of Trade does best. We’ve never been simply the voice of business in the Toronto region, though we are that.
We’re mission driven to build:
- Business growth.
- Competitiveness.
- And turn around our dangerously lagging productivity.
This has been our history—as my predecessors Jan De Silva and Carol Wilding, and our many former Board Chairs who are with us tonight—can attest.
But today, the stakes are higher than they’ve ever been. That’s why a year ago, at this dinner, I announced the formation of the Business Council of Toronto. Toronto’s top CEOs, leaders of leaders, coming together—for action, not talk— on four key vectors to catalyze growth in our region:
- Advanced manufacturing productivity
- Climate and Energy transition
- Untapping the potential of Canada’s second largest employment zone, located on Toronto’s western border
- And reasserting Toronto’s Financial Services global competitiveness
Would our Business Council of Toronto members please stand to be recognized? Thank you—the BCT is a platform for your leadership, expertise, and commitment to elevate our region for years to come.
A year ago, the landscape looked different. The consequences of our low productivity were merely…dire. Today, they are existential. And that might, unexpectedly, be a good thing—call it shock therapy.
It was as true then, as now. Our productivity slump will not fix itself. Our Business Council of Toronto is showing that business can lead in uncertain times. But we need everyone. All our members. The entire business community.
I speak with leaders every day, and I know that so many of you are already stepping up. We need to go full-bore on economic growth, retool, in a way we haven’t since the post-war era.
- Supercharging business success.
- Reinforcing that our consumption of high-quality services demands a high production economy.
- Building an economy that can support our ambition.
That’s where true prosperity comes from.
As I said at the outset, it’s only February, so, we’ve got the whole rest of the year to make it happen. Let’s ensure 2025 goes down in history for what we did, not for what President Trump said.
The people you’ll hear from tonight, and the people sitting beside you, are committed to making a difference, investing in the Toronto Region, and helping us achieve our vast collective potential.
The question remains, will you encourage others to join us? Let’s show our region and Canada, what Toronto business can accomplish when we come together.