US President-elect Donald Trump’s proposed 25% tariff on all imports from Canada threatens to disrupt the robust economic relationship between the two countries, with severe implications for Surrey’s business community. Surrey, home to the most manufacturers in BC and a significant number of import-export reliant companies, could see increased costs, reduced competitiveness, and potential job losses should the tariffs come into effect as soon as January 20, 2025.
“Surrey is a key player in Canada’s trade ecosystem,” said Jasroop Gosal, Interim Spokesperson for the Surrey Board of Trade. “These proposed tariffs would have devastating consequences for our local businesses, further straining supply chains and diminishing the economic recovery we’ve worked so hard to achieve.”
Impact on Surrey businesses:
- Surrey is home to numerous businesses that rely on cost-effective access to US markets for goods, materials, and equipment. Tariffs of this magnitude would drastically increase the cost of doing business.
- A tariff of this scale could disrupt supply chains and force businesses to raise prices, impacting both local and national economies.
- Canadian and US economies are deeply interconnected, particularly in manufacturing and forestry sectors.
The Canadian economy is still recovering from years of pandemic-related challenges, with high inflation, supply chain disruptions, and labour shortages already creating obstacles for businesses. Tariffs of this magnitude would compound these difficulties, further jeopardizing economic stability.
“The relationship between Canada and the US is built on decades of mutual benefit,” added Gosal. “Tariffs disrupt that harmony and threaten livelihoods on both sides of the border. We urge both governments to work toward fair and cooperative trade practices to avoid damaging the livelihoods of millions of workers and businesses.”
Calls to action:
- The Government of Canada to allow businesses to join the Cabinet Committee on Canada-U.S. Relations.
- The Provincial and Federal Governments to host a delegation of businesses to key US markets.
- The Provincial and Federal Governments to continue to diversify trade relationships and make it easier and less costly for businesses to ship their goods via the ports.
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Jasroop Gosal, 604-634-0345, jasroop@businessinsurrey.com
