Toronto, November 26, 2024 - Yesterday’s tariff announcement has already sent shockwaves through Canadian markets. Whether it’s 10% or 25% - blanket tariffs on Canadian goods would have a massive economic impact on our economy.
Small and medium-sized businesses account for approximately 40% of exports to the US. Any disruption to the flow of goods between the US and Canada would be a major economic hit. Tariffs would not just affect our exporters as their effect on the value of the Canadian dollar would increase the cost of US imports — affecting small businesses and consumers alike.
Canada cannot afford to dismiss this as a idle threat or initial positioning - we need to take this seriously and present, once again, a united front in responding to this challenge. The uncertainty alone created by this issue will cause pressures on Canadian SMEs and impede our progress to an economic recovery.
Our governments must take all actions within our control to ensure we are a good and reliable trading partner for the US and the world. These include a stronger focus on crime, stabilizing our supply chains such as ports and railways, promoting our energy sector and reducing the regulatory and tax burdens facing Canadian businesses.
- Dan Kelly, President, CFIB
For media enquiries or interviews, please contact:
Dariya Baiguzhiyeva, CFIB
647-464-2814
public.affairs@cfib.ca
About CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.