Canadian Businesses to Diversify Trade Strategies Amid Tariff War

Canadian companies are reassessing their trade strategies, looking to diversify their exports and imports as the cross-border tariff conflict initiated by US President Donald Trump continues. South Surrey-based PCB Global Trade Management president and CEO Greg Timm notes that Canadian businesses have been receiving calls for trade advisory services, citing a need to navigate the complex tariff landscape.

Key Takeaways:

Canadian businesses are adapting to the ongoing trade tensions, seeking to diversify their exports and imports.
72% of Canadian exports currently go to the US, prompting a call for diversification.
PCB Global Trade Management has seen an influx of calls for trade advisory services, citing a need to navigate the complex tariff landscape.
Canadian companies can benefit from full tariff reviews to ensure accurate product classification and minimize potential costs.
The Canadian government has several tariff relief programs in place, offering options for companies to mitigate duties and tariffs.
Canadian businesses are known for their resourcefulness, having navigated previous economic uncertainty including the Great Recession of 2008 and COVID-19.

Statistics:

72% of Canadian exports currently go to the US (Timm)
Canadian companies are part of 50+ free trade agreements, including those with China, Israel, and the European Union (Timm)
162 nations are member countries of the World Trade Organization (WTO), all conforming to the harmonized tariff system (Timm)
Wrong tariff classification can result in costs of hundreds of thousands of dollars or more for Canadian companies (Timm)

Sources: