'Half my business will be gone' - Firms in Canada and US fear trade war
Summary
The US and Canada are imposing new tariffs on each other's goods after trade talks failed, causing worries for many businesses. Some companies say the higher prices will likely cut their sales, especially those that sell mostly across the border. Both countries plan to match each other's tariffs starting in September.Key Facts
- The US and Canada failed to reach an agreement in recent trade talks.
- Both countries will place 50% tariffs on many products from the other side.
- Cindy Baldassi, a Canadian jewelry maker, gets 75% of her sales from the US and expects half her business to be lost due to tariffs.
- Canadian tariffs starting September will target US steel, dairy, appliances, and electronics.
- US tariffs already affect Canadian wine, dairy, cement, clothing, and hockey gear.
- The US tariffs cover about $20 billion of Canadian exports, roughly 5% of Canada's shipments to the US.
- Canada sends 70% of its exports to the US, making it vulnerable if tariffs increase on both sides.
- Small businesses, especially those dependent on cross-border sales, fear serious financial harm.
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