Local businesses brace for Trump's tariff threats

Local reaction to Trump's tariff threat CTV's Alessandra Carneiro collects local reaction to Trump's tariff threat.

A threat of tariffs from U.S. President-elect Donald Trump has Canadians who do business south of border now keeping a close eye on his next moves.

“The impact to the economy is great, and this should be a concern to everyone,” said Paul Markle, CEO with Barrie Chamber of Commerce.

Concerns about tariffs that economists warn could fuel inflation, suppress growth, and have Canadian business owners second-guessing decisions about doing business in the United States.

In Simcoe County, it’s a shared sentiment for dozens of business owners.

“This is going to put significant barriers out for them. You know, moving into the U.S., into those larger markets. Just because, you know, the U.S. is going into a protectionist mode where they want to increase manufacturing or, you know, more positively to, to make sure that their economy, you know, grows jobs and those kinds of things,” added Markle.

At Green Bowl Foods in Barrie, the company that has its product in Canadian stores is now working towards finalizing its products for FDA approval to ship south of the border.

“This is another shocking news that this product, the label, and the design were for the U.S. market. So, if it has just to change our design and labels, you're going to cost us more,” said Max Jamshidian, the co-founder of Green Bowl Foods. “But, you know, we put a lot of time and energy into this market.”

“It just adds uncertainty. Both sides of the border for American companies and Canadian companies because everyone's going to be affected. And, again, I think it will sort itself out in the long run. But it's just the carnage that will be left in the wake of this,” said Michael LaLonde, Innovative Automation president.

Local businesses and the Barrie Chamber of Commerce share a common thread of optimism, and only time will tell when it comes to any potential for tariffs.