Trump Tariffs: How Canadian Small Businesses Can Prepare*
By Liam Lahey • Published January 15, 2025 • 5.7 min read

Summary:
This article examines the potential effects of a proposed blanket 25% tariff on Canadian goods. It explains that such a tariff could shrink Canada’s GDP by about 2.6%—roughly $78 billion—by significantly raising the cost of imports and impacting key industries. The piece advises small business owners to:

• Assess Cost Implications: Identify which parts of your supply chain will bear the brunt of cost increases.
• Stay Informed: Monitor policy shifts and trade news to remain agile.
• Adjust Strategically: Consider modest pricing adjustments and negotiate better terms with suppliers to offset heightened expenses.
• Diversify Supply Chains: Explore alternative or local sourcing options to reduce reliance on U.S. imports and mitigate potential risks.

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