Canadian businesses prepare for long-haul trade war

After trade talks broke down between Ottawa and Washington, U.S. President Donald Trump implemented 50-per-cent tariffs on $28-billion dollars worth of Canadian goods. Over the weekend, Prime Minister Mark Carney vowed to retaliate with dollar-for-dollar countertariffs, which are set to take effect after Labour Day. On Monday, President Trump announced the U.S. would also be doubling its tariffs on Canadian auto parts and steel to 50 per cent come Jan. 1, 2027.

As the trade war escalates and deepens, Canadian businesses — already struggling under existing levies — are bracing for even more pain as uncertainty becomes the norm.

Today, the Globe’s capital markets reporter, Jameson Berkow, is here. He’ll tell us what he’s hearing from business leaders, how these new levies and countertariffs will impact Canada’s economy, and how businesses are preparing for a lengthy trade war.

Questions? Comments? Ideas? Email us at thedecibel@globeandmail.com

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