Canadian Tire Corp. Ltd.‘s CEO says consumers have started to ease up on the frugality they adopted to cope with the economic slowdown, but that progress has likely been “substantially erased” by tariff threats.
The Canadian PressShoppers come and go from a Canadian Tire store in Ottawa on Friday, Aug. 11, 2023. THE CANADIAN PRESS/Sean Kilpatrick
Canada intends to retaliate, but the animosity between the trading partners could have significant ramifications for retailers. Economists have said a trade war would send prices for many goods skyrocketing, put pressure on consumer savings and perhaps even result in layoffs and writedowns. Canadian Tire purchases about 15 per cent of its goods from the U.S. It predicts it could see “minor residual impacts” from Mexico, where Trump has also threatened 25 per cent tariffs next month, and China, where a round of tit-for-tat duties are also in play with the U.S.
Homegrown ties have become increasingly important to Canadian shoppers these days. They’ve been fervently checking labels at stores and promising to boycott brands from south of the border in recent weeks. Those discussions have come on the heels of Canadian Tire’s fourth-quarter results, which delivered a net income attributable to shareholders of $411.5 million or $7.37 per diluted share for the quarter, up from $172.5 million or $3.09 per diluted share a year earlier.
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