Canada escapes crosshairs as US takes aim at foreign trade
Businesses watching today’s tariff announcements from the US administration can be forgiven for feeling more confused than ever. Canadians have been coping with economic anxiety for months due to threats of broad-based tariffs and other measures.
However, on the day that US President Donald Trump promised to unveil his master economic plan for world trade, Canada was barely mentioned.
“At this point, I don’t think anyone is surprised that today’s announcement did not provide a lot of clarity,” Chamber CEO Bruce Williams said. “We’ll take some time to analyze what official information is available and what it means for Greater Victoria.”
The initial impression is that Canadian goods under CUSMA will not face tariffs, while goods not covered will have a 10% tariff. It’s also not clear how Canada’s auto industry will actually be affected by a tariff on foreign auto makers.
Greater Victoria’s economy is among the least exposed Canadian cities when it comes to exporting. However, the sabre rattling that comes with talk of a tradewar creates uncertainty, which can bog down business.
“We will get through this, as we have every other crisis in the past, by supporting each other and our communities any way we can,” Williams said. “If there is a silver lining, we do have certainty that we have work to do to build the nation we want. We need an economy that is resilient and sustainable.”
To hear more about how the Canada-US relationship affects our region’s economy, register now for The Chamber’s AGM and panel discussion on April 15.