'Half my business will be gone' - Firms in Canada and US fear trade war

CindyLouWho2, a stone-and-glass jewellery company based in Calgary, Alberta, relies heavily on American buyers for its sales. Approximately 75% of the company's revenue comes from American customers. After the recent collapse of trade talks and the announcement of 50% tariffs on each other's products, business owners on both sides of the border are concerned about the potential impact on their operations.

Cindy Baldassi, the owner of CindyLouWho2, says she may have to increase prices by 50% for most of her products to remain profitable. She fears that her US sales may be wiped out, with at least half of her business disappearing entirely. Canadian Prime Minister Mark Carney has also announced tariffs on US steel, dairy, appliances, and electronics, set to take effect on September 8th.

The tariffs came into effect on American products in Canada, including wine, dairy, cement, clothing, and hockey equipment. Both sides of the border are grappling with the consequences of the trade war, with small businesses particularly vulnerable to the sudden price increases and potential loss of customers.