The impending tariffs announced by U.S. President Donald Trump—25% on most Canadian goods and 10% on Canadian energy exports—have set off alarm bells in business circles on both sides of the border. With 30 days until implementation, Canadian industries are scrambling to assess the fallout, and policymakers are working to mitigate the economic turbulence ahead.
At the national level, the Canadian Chamber of Commerce has condemned the tariffs, warning of severe economic repercussions. Their position underscores a stark reality: protectionist policies disrupt long-established supply chains, hinder business development, and inject uncertainty into trade relations between Canada and the United States. Meanwhile, Canada’s Department of Finance has been actively tracking the situation, providing up-to-date information and resources for businesses seeking clarity in an increasingly volatile landscape.
On the provincial front, B.C. Premier David Eby issued a response, stating, “We won’t back down or be bullied into becoming another state. Our province is unified and resolute. We’ll never stop standing up for B.C. and Canada.” His stance reflects the broader anxiety among business leaders and policymakers in British Columbia, who recognize that these tariffs could have far-reaching consequences for local industries, particularly in manufacturing, agriculture, and energy exports.
Key Resources on US Tariffs and Market Intelligence
To help Cowichan businesses navigate these turbulent times, Economic Development Cowichan has compiled a comprehensive list of resources. This includes guidance on mitigating the impact of tariffs, exploring new markets, and leveraging provincial and federal support programs. By curating these resources, we aim to equip the Cowichan community with the tools needed to adapt to evolving trade conditions and strengthen economic resilience within the region:
Ministry of Jobs, Economic Development and Innovation (JEDI)
- JEDI has support for BC businesses available through Export Navigator. Businesses are encouraged to reach out to the region’s Export Advisor, Brady Calancie (brady@exportnavigator.ca)
Export Development Canada (EDC)
- Export Development Canada has shared information on what Canadian exporters need to know about the impact of potential U.S. tariffs. Existing customers are encouraged to contact their account manager to discuss their specific situation. You can also send questions to their Export Help Hub. Export Development Canada works closely with government partners, including the Business Development Bank of Canada, Farm Credit Canada, Global Affairs Canada, and Canada’s Trade Commissioner Service to prepare for all potential scenarios that could impact Canadian companies.
The Greater Vancouver Board of Trade:
- The Greater Vancouver Board of Trade is providing key information and resources for businesses affected by tarrifs. It includes explanations of key tarrif-related issues, links to government resources, and tools to help businesses navigate trade regulations. The page is designed as a practical hub for businesses lookin to understand and mitigate the impact of tariffs on their operations.
BC Economic Development Association (BCEDA):
- BCEDA has taken a proactive approach to this news by issuing a Team BC press release. They have also launched a Trade Resource Hub on their website to provide businesses with resources to help them explore new markets and stay informed on the latest tariffs-related developments.
Startup Canada – Tariff Toolkit
- This toolkit provides actionable advice for small and medium-sized businesses, including how to adapt supply chains and explore new markets.
Business Development Bank of Canada (BDC)
- BDC provides financial support and strategic guidance for businesses affected by tariff-related challenges.
Canadian Federation of Independent Business (CFIB)
- CFIB advocates for small businesses and offers resources to help them navigate changing trade policies.
Why Supporting Local Matters More Now Than Ever
In the face of trade uncertainty, one of the most effective economic countermeasures is investing in local businesses. According to research by LOCO BC, independent businesses recirculate up to 4.6 times more revenue in the local economy than multinational corporations. In tangible terms, every $100 spent locally injects $63 back into the economy, compared to just $14 when spent with a multinational. Additionally, a modest 10% shift in consumer spending towards independent businesses could create up to 14,150 new jobs and retain $4.3 billion in the B.C. economy.
By prioritizing local sourcing and production, businesses can reduce reliance on international trade, insulate themselves from external disruptions, and build economic resilience within their communities. This shift is not merely about economic survival but about fostering long-term sustainability and self-sufficiency for Cowichan businesses.
While the U.S. tariffs pose significant challenges, Cowichan businesses can take proactive steps to mitigate their impact. By staying informed, leveraging available resources, and strengthening local economic networks, businesses can enhance their resilience in an evolving trade landscape.
We understand that uncertainty presents significant challenges for businesses, affecting both day-to-day operations and overall morale. EDC is dedicated to supporting the community by offering valuable resources and collaborating with local partners to navigate these evolving circumstances. We will keep the community updated as more resources become available. By fostering collaboration, staying adaptable, and leveraging shared knowledge, the Cowichan region can remain resilient and prepared for the road ahead.
Written by: Nicole Rallis, Special Projects Assistant
