The newly imposed U.S. and Canadian tariffs will present substantial uncertainty and lead to a financial setback in the short term, to be followed by a period of readjustment, say Canadian manufacturers and oil producers.
U.S. President Donald Trump has announced a 25 percent tariff on imports from Canada and Mexico, and a 10 percent tariff on China on top of existing tariffs on that country starting on Feb. 4. The tariff on Canadian oil and gas will be lower at 10 percent. In retaliation, Canada says it will put 25 percent tariffs on $155 billion worth of U.S. imports.
The announcements have left Canadian manufacturers facing upheaval and financial losses. Burlington, Ont., businessman Ron Foxcroft, who owns Fox 40, a manufacturer of referee whistles and other types of sports and safety products, as well as Fluke Transport, which runs trucks between Ontario and four U.S. states, says the tariffs will have a heavy impact….