Trump victory sparks concerns over impact to Simcoe County economy

Local economic impacts of Trump's comeback Simcoe County businesses are concerned about what Donald Trump's return to the White House could mean for the Canadian economy.

Donald Trump's 'America First' agenda could pose a huge threat to Canada's economy.

The president elect's promise of universal 10 per cent tariffs on all imports could cause huge trouble to well established U.S.-Canada economic ties.

Last month, the Canadian Chamber of Commerce suggested that Trump's Tariffs would result in $30 billion per year in economic costs to Canada.

"We all understand how tariffs work and really, the end user is the one that hurts," said Paul Markle, executive director of the Barrie Chamber of Commerce.

Markle said he's concerned for what a Trump presidency means for Simcoe County's largest manufacturers.

In Alliston, Honda's plant is a huge economic driver throughout the region and is looking to invest even more, with a new electric vehicle plant.

"Even though we have these issues happening across the border, we know that globally, EV's and that type of manufacturing is the way the globe is going," Markle said. "So we should continue on the course we're on."

At Innovative Automation in Barrie, president Michael Lalonde says 25 to 55 per cent of its annual revenue comes from trade with the United States.

As large producers on both sides of the border also rely heavily on trade, he hopes Tariffs can be negotiated away.

"It's (trade) is very intertwined," Lalonde said. "I'm optimistic that tariffs, with respect to that, can be avoided or minimized."

TD Bank has estimated that Trump’s tariffs could ultimately lead to a five per cent reduction in Canadian exports to the U.S. by early 2027.