U.S. tariffs potentially devastating for Canadian businesses: CME poll
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OTTAWA — A new report by Canadian Manufacturers and Exporters says the tariffs threatened by U.S. president-elect Donald Trump could be potentially devastating for Canadian businesses and workers.
The report based on a poll of more than 300 manufacturers says nearly nine in 10 Canadian manufacturers would face significant or very severe impacts if the U.S. imposes tariffs on Canadian imports.
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Trump has threatened to impose a 25 per cent tariff on all imports from Canada and Mexico once he takes power next month if the countries do not stop the flow of migrants and illegal drugs into the U.S.
The CME poll finds Canadian manufacturers are already taking pre-emptive measures to mitigate tariff risks ahead of the inauguration.
It says 30 per cent are accelerating shipments to the U.S., while another 30 per cent say they have postponed planned investments.
The report also says 48 per cent of manufacturers will consider a hiring freeze or layoffs if the tariffs are implemented and 46 per cent will consider postponing or cancelling planned capital investments.
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