An Ottawa jeweller says uncertainty around the latest round of proposed U.S. tariffs is already impacting business decisions even before the measures take effect. The Trump administration’s latest tariff package targets roughly $28 billion of Canadian exports, including jewelry, with the measures scheduled to take effect Aug. 19. At La Maison D’Or Jewellers, owner Brent Harden says the store is in a relatively strong position because most of its inventory is sourced domestically, with few items being exported. “Luckily 80 per cent of our jewelry is made in Canada,” says Harden. But he says uncertainty over potential Canadian counter-tariffs is making him think twice about purchasing products from American suppliers. “We’re seeing that question mark come up and that causes this weariness and this nervousness and this issue with business in general,” he says. “We don’t want to make a large order and then hear that Canada has added counter-tariffs and then face having to pay that at the border. Anything manufactured in the U.S. right now, we’re just not sure about. Harden says the uncertainty extends beyond tariffs themselves. “We want to support Canadian also,” he says. “It’s uneasiness between the two countries and that’s not good for business.” Retail analyst Bruce Winder says uncertainty is often one of the biggest economic consequences of tariff disputes because it can influence decisions by both businesses and consumers. “The scariest thing with the most recent announcement is that the [Trump] administration included items that were previously protected under the CUSMA agreement,” Winder says. “Businesses are nervous about just seeing a literal drop off a cliff of their exports.” Winder says businesses may delay investments, postpone expansion plans or increase prices to offset risk. “Businesses may lay off people,” he says. “Consumers are nervous they might lose their job, and all these things add up to potentially impacting retail sales.” Prime Minister Mark Carney said Canada and the United States will intensify negotiations following the latest tariff announcement, on Tuesday. Harden says he hopes both sides can resolve the dispute quickly. “We have to stand up for ourselves, but I think it’s important that we get to the negotiating table,” he says. “I know our customers feel the same way. They want to see this settled.”
