With threats from incoming U.S. President Donald Trump of 25 percent tariffs on Canadian goods, businesses are bracing for what that could potentially look like.
Aaron Martin, GM of the Stratford Chamber of Commerce, says those tariffs could be very harmful, but as it stands right now, we have one slight advantage in our favour.
"One thing we do have going for us in our favour, though, is a weaker Canadian dollar at the moment. So for those exports, that helps in combating those tariffs that could go on there. We'll have to see, as well, what happens when the new president takes office," Martin pointed out.
Martin says those tariffs could affect aluminum trade, agricultural based trade, including quotas and commodities, and much more. He adds that the government could offer some protections or even counter-tariffs, but it the scenario could also offer up other options.
"Sometimes I know some industries look straight to other markets. So they go 'Okay, what are the Europeans doing? Can we ship some of our product that way?' If the tariffs come on, that brings up the cost of shipping it to the States, which can make shipping to Europe a bit more competitive," said Martin.
No matter what, Martin says at the end of the day those tariffs could be very harmful in any form, and if they stuck around for a while, eventually it could lead to jobs being affected.
"If we have that happen, basically that turns into employees maybe not having jobs, not having that pay, which turns around into our local economy not spending as much, on things like groceries or new vehicles, things like that. So we really don't want to see that here," added Martin.
