Businesses in Ontario are preparing for tariffs as Canadian and U.S. trade talks ended without an agreement. The White House imposed a 50% tariff on about $28 billion worth of Canadian goods, including steel, aluminum, and auto exports. Kimberly Turner-Briscoe, president of a steel fastener supplier in Scarborough, expressed concerns over the impact of the trade war on her business, which led to layoffs and strategic business shifts away from the U.S.
Despite disappointment over the tariffs, Turner-Briscoe commended negotiators for rejecting a detrimental deal. The affected goods make up around nine percent of Ontario’s exports to the U.S. Prime Minister Carney criticized the U.S. proposal as economically unfair and announced retaliatory tariffs on several sectors post-Labour Day.
Ontario Premier Ford supported the decision to walk away from the deal, emphasizing solidarity among Canadian provinces. He assured Ontarians of their ability to overcome challenges due to the province’s diversified economy. Giles Gherson from the Toronto Region Board of Trade warned of job and investment losses, urging coordinated action against the tariffs.
Turner-Briscoe highlighted a shift towards local purchases, reflecting a national unity in supporting Canadian businesses. Toronto Mayor Olivia Chow encouraged residents to shop local to counter the impact of the tariffs. Experts predict adverse effects on Canadians, including higher prices, unemployment, and potential business closures.
David Soberman from the University of Toronto suggested that retaliatory tariffs may not be the most effective strategy, emphasizing the need for strategic negotiations to resolve trade issues. Despite efforts to diversify exports, the road ahead may be challenging as Canada works towards securing beneficial trade deals.