Local shops are preparing for what analysts warn could be a serious blow to the nation’s economy as new tariffs on Canadian imports to the United States kick in today.
“Tariffs are one thing. The bigger issue is what is going to happen to this entire region. I’m very concerned about the economy,” said Andrew Tepperman, the executive chairman of a furniture and appliance retailer with stores in seven locations across southwestern Ontario.
“This has been the most absurd couple of months I’ve ever seen. It makes no sense. These kinds of things, they have a domino effect. I’m really, really worried.”
With 25 percent tariffs on Canadian goods now in place, Canadian counter-tariffs will also start, according to Prime Minister Justin Trudeau.
If people lose their jobs or hesitate to spend due to economic uncertainty, retailers here will feel the pinch as consumers cut back on spending, Tepperman noted.
The reciprocal tariffs will impact products his company sources from Mississippi and North Carolina, but that’s just part of what Canadian businesses must endure in response, Tepperman explained.
London recently rolled out several initiatives aimed at strengthening the local economy in light of these tariffs, including support for businesses looking to shift their focus towards domestic trade.
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Mayor Josh Morgan speaks to business leaders at a meeting on Feb. 7. (Alessio Donnini/ )
Other businesses are also adjusting and expressing concern. Joji Thomas owns Thomson Foods in St. Thomas and exports 40 percent of its product south of the border. Recent uncertainties have complicated planning for him, he shared.
“This is a scary moment for everybody who is manufacturing in Canada. I don’t know what to do for the next three to six months to survive. Maybe I’ll have to issue layoffs,” Thomas said. For now, his company plans to concentrate on sales within Canada.
How soon will tariffs make things more expensive?
U. S. President Donald Trump’s 25 percent tariff on Canadian goods is set to begin on March 4th. The National’s Adrienne Arsenault talks with journalists and a business professor about viewer questions regarding how these tariffs might affect prices, potential recession risks, and Canadian diplomacy.
“I think I have to aggressively come back to the Canadian market and I’m thinking about how to implement that.”
Planning ahead has been tricky due to fluctuating tariff threats from the American president; however, since this threat has lingered so long, today’s implementation feels imminent according to Jaymie Crook, who runs dog food brand Bosco and Roxy’s.
“I think there’s a bit more resignation than what it was the first time it went around,” Crook said. “The temperature is not as panicky.”
He’s spent recent weeks mapping out various scenarios for how his company might respond.”We’ve had odd phone calls from customers in the U. S., asking about our response if tariffs are imposed; our answer remains: we don’t really know.”
Ontario Premier Doug Ford stated he’s prepared to take any measures necessary-such as cutting off electricity supplies-to persuade Trump into backing down.
Trudeau is scheduled for a news conference Tuesday at 10:30 a. m ET with several federal cabinet ministers.
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How soon will tariffs make things more expensive?
U. S. President Donald Trump’s 25 percent tariff on Canadian goods is set to begin on March 4th. The National’s Adrienne Arsenault talks with journalists and a business professor about viewer questions regarding how these tariffs might affect prices, potential recession risks, and Canadian diplomacy.
“I think I have to aggressively come back to the Canadian market and I’m thinking about how to implement that.”
Planning ahead has been tricky due to fluctuating tariff threats from the American president; however, since this threat has lingered so long, today’s implementation feels imminent according to Jaymie Crook, who runs dog food brand Bosco and Roxy’s.
“I think there’s a bit more resignation than what it was the first time it went around,” Crook said. “The temperature is not as panicky.”
He’s spent recent weeks mapping out various scenarios for how his company might respond.”We’ve had odd phone calls from customers in the U. S., asking about our response if tariffs are imposed; our answer remains: we don’t really know.”
Ontario Premier Doug Ford stated he’s prepared to take any measures necessary-such as cutting off electricity supplies-to persuade Trump into backing down.
Trudeau is scheduled for a news conference Tuesday at 10:30 a. m ET with several federal cabinet ministers.
Source link
