The Sault Ste. Marie Chamber of Commerce warns that tariffs are the most pressing threat facing Canadian and American businesses, citing a potential economic cost of $1,900 CAD per Canadian and $1,300 USD per American. The Chamber emphasizes that the region's economy, heavily reliant on manufacturing, will not be immune to the impact. The Canadian Chamber of Commerce's Business Data Lab launched the Canada-U.S. Trade Tracker, an interactive tool highlighting the vital economic interconnectedness between the two countries. The Chamber urges support for local businesses and Canadian-made products to navigate these challenging times.
Tariffs pose the most pressing threat to Canadian and American businesses today, according to the Sault Ste. Marie Chamber of Commerce. Modeling from the Canadian Chamber of Commerce's Business Data Lab indicates that these tariffs would inflict a substantial economic burden, reducing real annual income by $1,900 CAD per Canadian and $1,300 USD per American.
Given that Algoma boasts nearly 3,000 businesses, including prominent entities like Algoma Steel and Tenaris, alongside numerous established local manufacturers, the Sault Ste. Marie region will not be exempt from the impact. To empower Canadian and American businesses and stakeholders actively cultivating a world-class trade relationship, the Business Data Lab introduced the Canada-U.S. Trade Tracker. This interactive and customizable online tool illuminates the profound and vital economic interconnections at the state, provincial, and territorial levels. 'Tariffs are a lose-lose scenario,' asserts Stephen Tapp, Chief Economist at the Canadian Chamber of Commerce. 'They escalate business expenses, diminish North America's international competitiveness, and ultimately inflate consumer prices at a juncture when Canadians and Americans are both grappling with significant affordability challenges.'Canada serves as the largest export market for 34 states, extending its reach as far south as Mississippi and Florida. Each province and territory cultivates unique trade relationships with numerous American states. For Ontario, nationally: 'The specter of these tariffs constitutes one of the most formidable economic challenges confronting our community in recent times,' states Jason Naccarato, President of the Sault Ste. Marie Chamber of Commerce. 'Amidst the escalating cost of doing business and mounting uncertainty, the economic landscape in Sault Ste. Marie and across Ontario will become increasingly arduous for local businesses to navigate. Now, more than ever, we must rally around our small businesses, champion our local entrepreneurs, and prioritize Canadian-made products and services. Every dollar spent locally invigorates our economy, sustains jobs, and helps ensure our community's resilience in the face of these challenges.' The Canada-U.S. Trade Tracker provides a comprehensive and up-to-date perspective on the state of the relationship, making it undeniable: we prosper together. However, with the looming threat of further tariffs and retaliatory measures, there has never been a more crucial moment to support local businesses and Canadian-made and produced goods and services. The announcement of a 25 percent tariff on Canadian steel and aluminum confirms what businesses have long feared: uncertainty is here to stay. If the objective is to bolster the U.S. economy, taxing the materials upon which U.S. industries rely is a misguided approach. History has already demonstrated that these tariffs harm American manufacturers and drive up costs—not only in Canada but within the U.S. as well.
Economics Trade TARIFFS ECONOMY TRADE CANADA USA BUSINESSES CHAMBER COMMERCE Sault Ste Marie MANUFACTURERS Steel Aluminum
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