The CEO of the Lethbridge and District Chamber of Commerce says it is hard to say the exact impact the U.S. tariff announcement Wednesday will have on the local economy because there are so many unknowns.
Cyndi Crane says there are some concrete numbers that business sectors such as the auto sector will have because of current inventory, but there is an impact being seen already with automotive plants in Canada, the U.S. and Mexico being closed.
“That job impact is severe. So that is what is going to affect the long term,” Crane says. “I think people really have learned a lot more about what CUSMA is and what CUSMA compliant means… Fortunately, that’s a weird word to use at this time, but we were expecting way worse,” she says.
She adds she’s heard people say Canada has dodged a bullet, but she thinks what Canada needs to do is focus on what is best for our country. This includes working on improving interprovincial trade, along with building partnerships and relationships with other countries across the globe.
“This isn’t a moment to let up on the gas, just because we have some answers on one part of the puzzle.”
“One thing that still isn’t being discussed a lot is the strain our agriculture industries are having, especially with the tariffs from China. That is so damaging for our canola partners that we understand now what’s happening with the US. Now we need to understand what’s happening with some of the other tariffs that significantly can damage some of our industry that we rely on in the prairie provinces and throughout the country.”
She explains she’s heard frustration from agriculture producers impacted by the Chinese tariffs who feel like they have been put on the back burner as the country was waiting to see what U.S. President Donald Trump was going to do. Adding, the hope is now that concern is eased for the moment some of these other conversations can be had.
“It’s a challenge because we’re also in the middle of an election. That is challenging for work to be done.”
Crane says she does not think there will be clear wins when it comes to tariffs and trades in the near future but she hopes that there can be a solid action plan that can be made in May once there is a government with a clear mandate in Parliament.
“Then the premiers across the country will be able to communicate and actually see action happen. Because there’s caretaking and then there’s action. We are going to definitely need more action.”
According to Crane one way the chamber is taking action is by hosting a webinar on April 14th titled Navigating Turmoil, Leading a Resilient Business in a Tariff War. She says this is because the tariff situation, whether it be between Canada and the U.S. or Canada and China, is not over.
