Canadian Businesses Prepare for New US Tariffs

Business leaders hope new US tariffs will lead to a trade deal.

Joey Walsh, a hockey stick seller, is frustrated with the new US tariffs.

Walsh said, 'We've been through this before, and it's very frustrating.'

Walsh's company gets half its business from the US. The trade war has made things hard for his business.

Walsh has paid $2 million in extra costs due to the tariffs. He hopes to get a refund from the US government.

In the past, Walsh tried to ship products before tariffs started. But now, he won't change his plans.

Walsh said, 'We won't react because this is politics. It's not sustainable to add a 50% charge with 30 days' notice.'

Some business leaders are not changing plans, while others are worried about the new tariffs.

The US will start 50% tariffs on some Canadian goods on August 19. This is because of issues with dairy, alcohol, and vehicles.

The new tariffs will affect many Canadian goods, including dairy, alcohol, honey, and dog leashes.

Trump's new tariffs will even affect goods that follow the CUSMA agreement.

The Canadian government says the new tariffs will affect $28 billion in goods.

This is about 5% of Canada's trade with the US. It will increase the tariff rate a few percentage points.

For the overall economy, it's not good but not devastating.

The impact will be felt by specific industries, like alcohol and lumber.

Some industries, like chemicals and electronics, might be hit hard by the new tariffs.

Unlike before, these tariffs don't have exemptions for goods that follow CUSMA.

This is a big attack on the CUSMA agreement, says Dan Kelly of the CFIB.

The 50% tariff could make it too expensive for some businesses to export to the US.

It will take time for businesses to find new markets and adjust.

These tariffs come at a bad time, as other duties have already caused pain for some industries.

Dairy Farmers of Canada's president reacts to Trump's tariff threats.

Richard Martin of Dynamo Playgrounds says steel and aluminum tariffs have made his products expensive for US buyers.

Martin had to cut his staff from 63 to 17 due to the tariffs.

He's trying to understand the new tariffs and expects they could be devastating.

Premiers discuss how to respond to Trump's tariffs.

Why Trump is threatening new tariffs on Canadian exports.

Martin says the tariffs could be the end of his business. He's asking for government help.

Diversifying his business to sell to other countries is not easy for Martin.

Martin is trying to break into other markets and hopes for a trade deal.

Martin says, 'I'll never lose hope. I'll fight till the end.'

Economists and leaders hope the tariffs are a negotiation tactic.

Tal says, 'In a twisted way, this might be good news. Maybe Trump is getting ready to negotiate.'

The US is still talking trade with Mexico. Canada and the US will 'intensify' discussions.

Carney says Trump agreed to 'intensify' trade talks.

If this is about leverage, it could mean the US wants to make a deal, which would be good news.

Kelly of the CFIB agrees. He says a deal would be welcome news for businesses.

Kelly hopes negotiations will address the US's concerns about dairy, autos, and alcohol.

Kelly says, 'We can't dismiss this, but nor should we panic.'

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