The head of the Canadian Federation of Independent Business says across-the-board U.S. tariffs on imported goods would be a worst-case scenario if they kick in tomorrow.
But Dan Kelly says even if there’s another last-minute reprieve from U.S. President Donald Trump, the ongoing threat and uncertainty would continue to inflict economic damage.
He says some small- and medium-sized businesses have been looking at lining up alternate suppliers to the United States and others have put the brakes on planned expansions.
Meanwhile, Matthew Holmes, chief of public policy at the Canadian Chamber of Commerce, says every day tariffs are kept at bay is a $3.6-billion win for the Canadian economy, but the ongoing threats are also eroding trust and investment.
Jim Kilpatrick, Deloitte Canada’s leader for global supply chain and network operations, says he’s been telling clients for months to take the threat of U.S. tariffs seriously.
He says some companies have been rushing to get their goods across the border ahead of tariffs possibly kicking in, and that he advises companies to review their contractual obligations if they do cross-border business.
This report by The Canadian Press was first published March 3, 2025.
