Global Uncertainty Archives - Victoria Chamber

Navigate the trade war seas with MNP resource kit

March 5, 2025/in BizNews This Week, Global Uncertainty/by Jim Zeeben

This week saw the first shots fired in a trade war started by US President Donald Trump. The action led to retaliatory tariffs and a heating up of rhetoric across social media. But how will tariffs affect you and your business? To help better understand the specific challenges, MNP has released a Trade Impact Navigator.

This navigator includes a Tariff Exposure Risk Assessment you can take online, articles explaining the issues and a link to register for their webinar Preparing for tariff impacts that go beyond the bottom line.

BC Budget 2025 attempts to tackle trade war’s unknowns

March 5, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty, Government Provincial, Inflation And Rising Costs/by Jim Zeeben

The best news from yesterday’s BC Budget 2025 announcement was a promise from the provincial Finance Minister to work more closely with businesses going forward.

As is tradition, the minister met with the Greater Victoria Chamber of Commerce today to discuss the budget.

Brenda Bailey, a former tech sector entrepreneur, was elected to government in 2020 and appointed Finance Minister in November 2024. Her first budget day was overshadowed by news that the United States was moving ahead with a trade war on Canada.

Bailey acknowledged the curveball, noting that the budget was put together with tariffs in mind. There is also $4 billion in contingency funds set aside annually for three years to address unforeseen challenges. It’s a strategy that makes sense, but one business groups will be watching closely.

“We want to see policies that are looking at the horizon, that are investing in making our private sector bigger, growing our economy,” Chamber CEO Bruce Williams said. “We’re fortunate to live in a region with a diverse economy that is relatively sheltered from a trade war. That said, we know we’re in for challenging times ahead as Canada will be impacted by tariffs.”

In response to the US’s tariff announcement, the Canadian Chamber issued a statement saying the trade war will hurt Americans and have disastrous impacts on people in many US cities.

“Canada is resource and talent rich. Our economic future is ours to determine — it’s time to join our economic strategy with concrete action to not only minimize the short-term damage but to chart a more prosperous path long-term,” Canadian Chamber president and CEO Candace Laing said.

Read the Full Media Release

How will tariffs affect you? Help us advocate for business

February 26, 2025/in BizNews This Week, Global Uncertainty/by Jim Zeeben

Help us help you.

We know the threat of tariffs has already created shockwaves in the Canadian economy. But how will they impact you specifically? We’d like to hear what you have to say so we can take those concerns forward to all levels of government. Please share your thoughts with

communications@victoriachamber.ca.

The Chamber is often looked to for solutions in times of crisis and — as our region’s voice of business — we work hard to represent all of our members. This can be with municipal mayors and councils, local and national media or with federal and provincial representatives.

We know tariffs will be a major topic next week at our Business Leaders Breakfast with BC Finance Minister Brenda Bailey. This event is now sold out, but you can still register for our next Business Leaders Series event with Capt. (N) Kevin Whiteside. The Base Commander has championed a good relationship with our business community, and he has plenty of insight into how to further that partnership.

In times of uncertainty, CFB Esquimalt has always been a pillar of strength for Greater Victoria’s economy. The base employs about 6,000 people who support our region’s retailers and services. As well, this community within a community is a significant customer of goods and supplies itself. Find out more about how you can help build connections on March 13.

Food prices drop for first time since 2017: CPI at 1.9%

February 19, 2025/in BizNews This Week, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

Canada’s inflation rate ticked up slightly in January, to 1.9%.

“The (tax) holiday gave Canadians a bit of a break on prices for alcohol, food and clothing — enough to bring restaurant prices down for the first time since 2017,” Canadian Chamber economist Andrew DiCapua said. “However, that relief was overshadowed by higher energy prices which kept overall inflation pressures elevated.”

The Bank of Canada had forecast inflation to come in at 1.7% in January, which likley indicates it will not cut interest rates at its March 12 meeting, DiCapua said.

“Despite our working assumption that rates should be lowered to neutral (around 2%) by Summer 2025, the Bank will likely pause rates at their next meeting to evaluate the effects of their monetary policy.”

Trying times are nothing new, working together will get us through

February 19, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty/by Jim Zeeben

I want to take a minute to address all of our Chamber members and let you know we are here for you. These are uncertain times, for sure. But we have faced uncertainty for a while now, and we understand what it takes to thrive in less than perfect conditions.

Our fundamentals are strong — as a region, as a business community and as an organization. The key is remembering what we can control and what we can’t. Around the world, there are multiple situations that want our attention. The term polycrisis has become popular to explain this state of affairs as we experience sweeping political and social change, rapid technological advancements and ongoing climate emergencies.

Right now, the elephant in the room is the threat of economic action against Canada by the new government in the United States. We still don’t know what this will look like, but we are hearing about potential responses and repercussions every day. This week, the provincial government’s Throne Speech seemed to put BC on a war footing. And, federally, we’re hearing similar rhetoric from leadership candidates seeking to be our next Prime Minister.

The barrage of headlines can feel overwhelming.

I don’t know what the future holds, but I can tell you that I continue to work with our Chamber team to improve business conditions in Greater Victoria. This includes meeting with decision makers in all levels of government, creating connections for members of our region’s business community and supporting members however needed.

Our mission holds. We will work together to build good business and great community for all.

We can take heart in the report from the Canadian Chamber’s Business Data Lab that found Greater Victoria’s economy is among the best protected in the country.

Our regional economy is resilient. We have always been leaders in championing diversity.

Our tourism, tech and civil society sectors are powerful. Our public sector has evolved in symbiosis with a thriving private sector. More recently, we have seen how championing inclusion has fortified our labour force and added creativity to our enterprises. These are pragmatic solutions representing the reality of who we are as a community. Let’s not forget that.

Taken together, our commitment to building a sustainable and resilient economy has helped us through every crisis we’ve faced in the past. And I know — when the present eventually becomes the past — we will be grateful for the strong foundation that all of us have helped build.

Let’s carry on doing our best work, stay focused on what we can accomplish and hold on to the values that make our community the envy of the world.

Region ranked 36th among cities facing tariff impacts

February 12, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty/by Jim Zeeben

Another day, another market-shaking remark from the economic elephant south of the border. After giving Canada a 30-day reprieve from his initial 25% tariff threat, US President Donald Trump surprised everyone by announcing a 25% tariff on steel and aluminum.

The seemingly random rhetoric has created uncertainty in the business world — a world that places a high value on planning for the future.

To help us better understand what a trade war might mean for Canadian communities, the national chamber network’s Business Data Lab has taken a deep dive into the potential impact on 41 Canadian cities.

The good news for Greater Victoria is we are low on the list at 36.

“Near the bottom of the list are cities that are less exposed to the tariffs because they trade less intensively with the US and/or have more diversified trade patterns. Several of these cities are located on Canada’s coasts, exporting more to Asia from the West Coast, or more to Europe from the East Coast,” the report said. “In British Columbia this includes Victoria, Nanaimo and Kamloops. On the East Coast it’s Halifax, Nova Scotia. And it appears that Sudbury’s exports of nickel and copper are reaching other international markets beyond the United States.”

Feds announce summit to spark Canadian economy

February 5, 2025/in BizNews This Week, Global Uncertainty, Government Federal/by Jim Zeeben

The federal government announced today that it will hold a Canada-US Economic Summit on Feb. 7.

The summit will bring together Canadian leaders in trade, business, public policy and organized labour. Their aim will be to make it easier to build and trade within Canada — the ninth-largest economy in the world — as well as to diversify export markets and increase productivity.

“These are all areas our Chamber network has been calling for and we will keep calling for until this investment in our communities is realized,” Chamber CEO Bruce Williams said.

Tariff threat on hold, but clock ticks for new plan for Canada

February 5, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

Businesses were quick to respond to the imminent threat of US tariffs, with calls to support local and buy Canadian.

Now that the trade war has been “paused,” it’s clear we need to be better prepared in case US President Donald Trump does impose crippling tariffs on Canadian products.

Chamber CEO Bruce Williams has been speaking to local media about efforts to support local businesses and analyze what the chaotic trade talk might mean.

“I think the concerning part, for a lot of people, is the uncertainty as to whether or not it’s going to happen. And, if so, what is it going to look like? And will the Americans come to an understanding that it’s damaging to them as well as to us,” Chamber CEO Bruce Williams told CHEK News in January.

The national Chamber network is calling for a multi-partisan approach to develop an “all-in” strategy. Canadian Chamber President Candace Laing said unity is vital so we can “address critical roadblocks that have left Canada too dependent on trade with the United States.”

Priorities of the All-In Plan:

Make it easier to trade within Canada to build our economy and resilience from within
Build modern trade infrastructure to get Canadian goods overseas
Reduce red tape for businesses held back by piled up paperwork
Lower taxation so businesses can compete globally while diversifying trade relationships.

“Businesses have durable relationships, which will chart a secure, prosperous future, but Canada’s leaders need to get back in gear for it to work. When Canadians and Americans see Parliament closed, they see a rudderless ship,” Laing said. “We need to send a strong message to President Trump and the world that we will rise to this occasion, as a unified Canada. Tariffs tomorrow instead of tariffs today still leave businesses, workers and families in the lurch. $3.6 billion in trade every day hangs in the balance.”

Eby names ‘war-room’ to protect BC against US tariffs

January 29, 2025/in BizNews This Week, Global Uncertainty, Government Provincial/by Jim Zeeben

With US President Donald Trump threatening to impose tariffs as early as Saturday, BC Premier David Eby has assembled a cabinet committee to fight back.

Housing and Municipal Affairs Minister Ravi Kahlon will chair the committee, which will act as a day-to-day war room.

“This threat isn’t going away anytime soon – not while this president is in power,” Eby said, noting that the committee will work to protect BC businesses, families and workers.

Part of the strategy is to strengthen ties to markets other than the US.

“We didn’t ask for this fight, but BC will not be bullied,” Kahlon said.

Members of the new cabinet committee are:

Ravi Kahlon, Minister of Housing and Municipal Affairs
Diana Gibson, Minister of Jobs, Economic Development and Innovation
Brenda Bailey, Minister of Finance
Adrian Dix, Minister of Energy and Climate Solutions
Lana Popham, Minister of Agriculture and Food
Randene Neill, Minister of Water, Land and Resource Stewardship
Rick Glumac, Minister of State for Trade
Ravi Parmar, Minister of Forests
Jagrup Brar, Minister of Mining and Critical Minerals
Tamara Davidson, Minister of Environment and Parks

Bank cuts interest rates again as uncertainty remains

January 29, 2025/in BizNews This Week, Chamber Awareness, Global Uncertainty, Inflation And Rising Costs/by Jim Zeeben

This morning, the Bank of Canada reduced its target for the overnight rate to 3%. The Bank also said it was ending quantitative tightening, starting gradually in early March.

Economic projections are more fuzzy now than they typically are because of the shifting political landscape, particularly the threat of US tariffs.

“With inflation around 2% and the economy in excess supply, Governing Council decided to reduce the policy rate a further 25 basis points to 3%. The cumulative reduction in the policy rate since last June is substantial. Lower interest rates are boosting household spending and, in the outlook published today, the economy is expected to strengthen gradually and inflation to stay close to target,” the Bank stated. “However, if broad-based and significant tariffs were imposed, the resilience of Canada’s economy would be tested. We will be following developments closely and assessing the implications for economic activity, inflation and monetary policy in Canada. The Bank is committed to maintaining price stability for Canadians.”