TORONTO – Canadian business leaders are waiting anxiously to find out whether the sweeping tariffs threatened by incoming U.S. president Donald Trump will become a reality.
Trump’s inauguration today could mark the beginning of a difficult road for Canadian companies, particularly those that rely on the U.S. as a major trading partner.
The incoming Republican president has threatened 25 per cent across-the-board tariffs on imports from Canada, though lower tariffs are reportedly being considered.
Canada has said it’s ready to retaliate, with Prime Minister Justin Trudeau saying Friday that “everything is on the table.”
Business leaders have warned that the tariffs could make a big dent in not only Canada’s economy, but the U.S. economy as well.
It would disrupt sectors that trade heavily with the U.S., such as the automotive, agriculture and energy sectors.
This report by The Canadian Press was first published Jan. 20, 2025.
