Trump tariffs could see Canadian exporters lose half their revenue: survey
Around two in five Canadian exporters said they currently export a product to the U.S. that would fall under the scope of the new incoming tariffs, a new survey said on Wednesday.
A new survey reveals that Canadian exporters could see their revenue drop by up to half if the upcoming round of tariffs imposed by the U.S. takes effect. According to the Canadian Federation of Independent Business, approximately two out of five Canadian businesses currently export products to the U.S. that would be subject to the new levies.
Of these businesses, more than three-quarters anticipate losing revenue, with over a third expecting to lose at least half of their earnings. CFIB president Dan Kelly explained that most of these companies have been operating on the assumption that goods compliant with the Canada-U.S.-Mexico Trade Agreement (CUSMA) would remain tariff-free.
As the August 19 deadline approaches, Canadian businesses are taking proactive measures, with over 60 percent cutting spending and a quarter raising prices for consumers. Canada and the U.S. are working together to negotiate a deal before the tariffs come into force.
Written by urgent.news from Global News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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