Canadian industry urges government action to counter potential US tariffs
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Update time : 2025-01-17 16:59:59
Canadian industry leaders are urging the federal government to protect businesses from potential US tariffs under President-elect Donald Trump’s administration. In an open letter, Dennis Darby, CEO of Canadian Manufacturers and Exporters (CME), warned that tariffs pose a serious threat to the manufacturing sector, with 90% of businesses expecting significant impacts.
Darby explained that tariffs would raise costs for US buyers of Canadian semi-finished goods, creating inflation on both sides of the border. Nearly half of surveyed manufacturers anticipate layoffs or hiring freezes, with some considering shifting production to the US.
Darby called for immediate government measures, including tariff relief programs and incentives for domestic investment. He also urged Parliament to act swiftly despite its prorogation. The Canadian Federation of Independent Business echoed concerns, noting that small businesses reliant on US trade would face higher costs and reduced competitiveness, ultimately burdening consumers with price hikes.
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