Waterloo Region has an estimated 60,000 to 70,000 jobs that are potentially exposed to tariffs, according to the Waterloo Economic Development Corporation (EDC). The figure provides a clearer picture of how widespread the impact of the latest trade measures could be across the region’s workforce. Waterloo EDC CEO Tony LaMantia said the estimate is based on a local workforce. “We’re talking about roughly 350,000 [jobs], so roughly one-fifth of that would be 60,000 to 70,000 jobs potentially trade exposed. And that includes the steel, aluminum tariffs,” LaMantia said. That does not mean the number of jobs that could disappear. LaMantia explains the estimate includes jobs that could feel the effects of tariffs through higher costs, lower demand or changes to production. The distinction is important as businesses across Waterloo Region continue to navigate uncertainty surrounding the Canada-U.S. trade war. “A lot of small businesses operate at the 10 per cent profit margin or less,” LaMantia said. “A tariff of 50 per cent essentially wipes out their U.S. prospects, unless they have very motivated customers that are prepared to either share the cost or pass them on to customers.” Advanced manufacturing makes up about 18 per cent of the region’s employment base, according to Waterloo EDC data, putting tens of thousands of local workers in an industry closely tied to international trade. LaMantia called the latest round of tariffs frustrating, and believes the measures are designed to bring Canada back to the negotiating table. “It’s in the category of ridiculous,” he said. The trade uncertainty is also being felt by businesses south of the border, he added. “This is getting a little crazy. Now, it’s in the category of very bad for the United States as well.” There could be further pressure on the manufacturing sector if new auto tariffs take effect at the start of next year. Guelph-based auto parts manufacturer Linamar said it remains confident it can navigate the changing trade environment. “As of today more than 90 per cent of our sales this year are tariff-free,” the company said in a shared statement from CEO Linda Hasenfratz and president Jim Jarrell. “It is a dynamic environment, and we are ready to navigate through it. We remain confident that USMCA, or a version of such, will ultimately prevail, as the economic benefits to all three countries are undeniable.” The company reported record sales of more than $3 billion in the second quarter of this year. For Waterloo Region, however, the EDC said the latest tariff measures underscore just how many local workers and businesses are connected to the cross-border economy.
