The Current
How Canadian businesses are bracing for Trump tariffs
Jan 27, 2025
Etienne Borm, President of Etbo Tool & Dye, shares how potential tariffs could disrupt his auto parts business and impact employees in Ontario. Economist Jim Stanford analyzes the broader economic consequences, stressing the critical interdependence of Canadian and U.S. trade. They discuss how family-run businesses prepare for these shifts, the necessity for market diversification, and the implications for sectors like seafood and automotive during challenging times. Together, they highlight the urgent need for strategic responses to trade tensions.
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Quick takeaways
- Canadian businesses, heavily reliant on U.S. exports, face potential devastation from proposed tariffs, impacting both operations and job security.
- The need for a strategic national response is crucial for Canada to adapt to economic threats while exploring diversification into new markets.
Deep dives
Impact of U.S. Tariffs on Canadian Businesses
The proposed tariffs by the U.S. government threaten to severely impact Canadian businesses, particularly those reliant on exporting goods. For instance, Etienne Borm, president of a tool and dye company, indicates that his entire operation depends on U.S. exports, with even local sales ultimately feeding into the American market. The imposition of a 25% tariff could lead to devastating long-term consequences, prompting companies to reconsider investments in Canada. This shift could consequently threaten the livelihoods of employees and the economic stability of whole communities dependent on export-driven industries.
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