A Step Back from Tariffs: What Businesses Need to Know

A Step Back from Tariffs: What Businesses Need to Know

In a pivotal announcement, Cory Redekop of the Greater Langley Chamber of Commerce has revealed that, instead of imposing tariffs today, former U.S. President Donald Trump plans to order a comprehensive study of trade policies and an evaluation of trade relations with China, Canada, and Mexico. This decision provides an important window of opportunity for Canadian businesses, policymakers, and advocates to highlight the mutual benefits of strong trade relationships and to work toward minimizing disruptions caused by potential tariffs.

Why This Matters for Canadian Businesses

Trade policies have a significant impact on the flow of goods, services, and investments across borders. The threat of tariffs, especially between Canada and the U.S., has loomed large, with potential ripple effects across key industries such as manufacturing, agriculture, and technology.

The decision to delay tariffs in favor of a study means that Canadian businesses and policymakers now have the time to:

Advocate for Fair Trade Policies: This is the moment to engage with elected officials, chambers of commerce, and industry associations on both sides of the border. Highlighting the interdependence of Canadian and U.S. businesses is critical to ensuring that future trade decisions support growth rather than hinder it.
Strengthen Cross-Border Relationships: Building partnerships with businesses and organizations in the U.S. can emphasize the shared benefits of trade and the potential downsides of barriers like tariffs.
Leverage New Resources: The Canadian Chamber of Commerce has launched the Canada-U.S. Trade Tracker, a cutting-edge online tool providing real-time insights into trade flows between the two nations. This platform will help businesses better understand the current trade landscape, identify trends, and anticipate potential impacts of new policies.

Understanding the Canada-U.S. Trade Tracker

The Canada-U.S. Trade Tracker is a timely resource for navigating this uncertain period in trade relations. This tool offers:

Real-Time Data: Get up-to-date information on trade volumes and flows across industries, helping businesses make informed decisions.
Insights into Trade Relationships: Gain clarity on how Canadian industries are interconnected with U.S. markets.
Support for Advocacy Efforts: Armed with data, businesses and organizations can better articulate the value of free trade to policymakers.

What You Can Do Next

While the delay on tariffs is a relief, it’s essential to act now to protect Canadian interests:

Stay Informed: Utilize the Canada-U.S. Trade Tracker to monitor trade developments and identify areas of concern.
Engage Policymakers: Share your perspectives with local and national representatives, emphasizing the importance of stable and cooperative trade policies.
Collaborate Across Borders: Partner with U.S.-based businesses and organizations to strengthen trade ties and build a united front against protectionist measures.

This temporary reprieve is an opportunity for Canadian businesses to champion free trade, ensuring that future policies reflect the mutual benefits of collaboration. Let’s use this time wisely to build a stronger, more resilient trade relationship with our neighbors.

For more information about the Canada-U.S. Trade Tracker and how it can benefit your business, visit the Canadian Chamber of Commerce website. Together, we can ensure that trade remains a bridge—not a barrier—between our nations.

Jenny is a business insurance broker with Waypoint Insurance. She can be reached at 604-317-6755 or jhansen@waypoint.ca. Connect with Jenny on LinkedIn at https://www.linkedin.com/in/jenny-holly-hansen-365b691b/. Connect with Jenny at BlueSky: https://bsky.app/profile/jennyhollyhansen.bsky.social

Jenny Holly Hansen is a cohost with Chris Sturges of the Langley Impact Networking Group. You are welcome to join us on Thursday’s from 4pm to 6pm at: Sidebar Bar and Grill: 100b - 20018 83A Avenue, Langley, BC V2Y 3R4

Tags: #Tariffs #Greater Langley Chamber of Commerce #Donald Trump #Cross Boarder Relationships #Fair Trade #Canada-US Trade Tracker # #Jenny Holly Hansen