US President Donald Trump signed an executive order imposing a 25% tariff on Canadian goods and a 10% tariff on Canadian energy, sparking concerns from Canadian business groups. While the lower energy tariff offers some relief, tens of thousands of Canadian jobs are at risk. Experts caution against retaliatory tariffs, emphasizing the need for a measured response that avoids further economic damage.
The Canadian PressA flare stack burns off excess gas at a processing facility near Crossfield, Alta., Tuesday, June 13, 2023.THE CANADIAN PRESS/Jeff McIntosh
Crockatt said some kind of response from the Canadian government is necessary, but he is cautioning against retaliatory tariffs that might cut off or tax Canada's oil and gas exports. "I think we can view that as at least somewhat positive -- that they're tethered to economic reality." "However, the 10 per cent tariff will still raise costs for gasoline, aviation fuel and other energy sources used in the United States and significantly hurt Canada’s economy," he said, adding that Canada's inability to build pipelines to other markets has left it vulnerable to these kinds of threats.
Alberta Premier Danielle Smith echoed many of those concerns in her own statement Saturday, saying there is"no economic justification" for Trump's tariffs.
Economics Politics US Tariffs Canada Energy Economy Trade
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Businesses Fear US Tariffs, Urge Government ActionThe threat of a 25 percent tariff on Canadian goods by the United States has sparked alarm among Canadian businesses, particularly in the city of Vernon, British Columbia. The Greater Vernon Chamber of Commerce has voiced concerns about the potential impact on two major local employers who heavily rely on US exports. The Chamber president, Kirndeep Nahal, has urged Prime Minister Justin Trudeau and other cabinet ministers to reconvene Parliament immediately to protect Canadian jobs and the economy. The letter highlights the significant economic interdependence between Canada and the US, emphasizing the potential harm that tariffs could inflict on both nations.
Read more »
Trump's Tariffs on Canadian Goods Could Hit Toronto BusinessesU.S. President Trump's imposition of a 25 percent tariff on virtually all Canadian imports is expected to have significant repercussions for businesses in Toronto and surrounding areas. The tariffs, announced on Saturday, are aimed at pressuring Canada to take stronger action against the flow of fentanyl into the U.S. and will impact various sectors, including the auto industry, energy, and agriculture.
Read more »
Canadian Businesses Brace for Potential U.S. TariffsCanadian businesses are preparing for the possibility of U.S. tariffs on their goods, with many companies exploring alternative sourcing options, adjusting pricing strategies, and strengthening their supply chains.
Read more »
Canadian Businesses Demand Retaliation Against US TariffsA new KPMG survey reveals that Canadian business leaders overwhelmingly support a dollar-for-dollar retaliatory response to potential US tariffs. The survey also highlights concerns about a looming recession and a desire for Canadian unity in facing the trade war threat.
Read more »
Canadian Businesses Brace for Potential US TariffsCanadian businesses are preparing for the potential impact of 25% tariffs on Canadian goods announced by US President Donald Trump. Companies like Apricotton, a Toronto-based bra manufacturer, and Eatable, a Vaughan-based alcohol-infused popcorn company, are exploring various strategies to mitigate the effects of tariffs, including sourcing products from alternative countries, adjusting shipping routes, and considering price increases. The uncertainty surrounding the tariffs has prompted businesses to engage in extensive 'what-if' planning, utilizing software like Kinaxis to analyze potential scenarios and develop contingency plans.
Read more »
Canadian Businesses Brace for TariffsCanadian businesses are preparing for potential price increases and new trade partners as tariffs loom.
Read more »