Resources and Support on US Tariffs

Resources and Support on US Tariffs

The Estevan Chamber of Commerce is closely monitoring the potential tariff situation with the United States. Canada was given a temporary hiatus on tariffs until March 1st; and we're waiting to see what happens from then until now.

Whether or not this comes to fruition, the Estevan Chamber understands that this news is worrisome to our members and businesses of the Estevan area. With tariffs comes higher costs of goods and less trading. And even the uncertainty is leading to lost revenue or sales as people hold off on making purchases.

A 25% tariff could shrink Canada’s GDP by 2.6%, costing Canadian households an average of $1,900 annually. For the U.S., this would mean a 1.6% GDP drop, with families losing $1,300 per year. Beyond the economic impact, tariffs would disrupt industries like automotive, agriculture, and energy, making everything from groceries to cars more expensive.

While Saskatchewan is less reliant on U.S. trade than most other provinces, the province still exported $26.9 billion worth of goods in 2023, with top exports including crude oil ($11.6 billion), potash ($4.9 billion), and canola oil ($2.5 billion). More than 68,000 Saskatchewan jobs and 1,500 businesses are supported by exports to the U.S., while Canadian investment supports over 39,000 jobs in Illinois, Saskatchewan’s top partner state.

What can you do?
The Saskatchewan Trade and Export Partnership (STEP) has resources available on their website for exporting goods. This tariff may be the opportunity to expand exports beyond the United States if possible. Trade Development Services « Saskatchewan Trade & Export Partnership (STEP)

If you do export to the United States, STEP has developed a resource for you to use to talk to your customers south of the border, called “Trading Places”. It has information and resources to keep you informed as potential tariffs and negotiations begin for the Canada-United States-Mexico Agreement (CUSMA): Trading Places « Saskatchewan Trade & Export Partnership (STEP)

Did you know? We have a short-line in our backyard, Long Creek Railroad, which can help you ship products on rail to ports all over North America: https://www.estevanchamber.ca/list/member/long-creek-railroad-company-inc-552

The Canadian Chamber of Commerce has released a “Canada – U.S Trade Tracker” showcasing the economic impacts that trading has on both countries. This can be used in talking with others about the value of our relationship: Canada-U.S. Trade Tracker - Business Data Lab

The Canadian Chamber is working with provincial Chambers and pushing the government to unlock interprovincial trade. Interprovincial trade drives one-fifth of Canada’s GDP, yet internal trade barriers still act like a 21% tariff. Removing them could boost GDP per capita by 4%. That’s growth at a time when businesses and workers need it most. Internal trade must be a key aspect of our Canada-U.S. trade strategy. 

The federal government has also began the conversation about relief for businesses, but nothing has been released: Canada to launch program to relieve businesses of tariff hit | Reuters

How can the Estevan Chamber help?
Reach out if you have specific concerns and are looking for assistance on a specific topic. Feedback is crucial for me to take to our provincial and federal chambers of commerce, as well as to our elected officials. Call me at 306-637-2151 or email me.

Further Reading:
https://www.cbc.ca/news/politics/trump-tariffs-canada-first-day-1.7435957
The Implications and Impact of US Tariffs – Saskatchewan Chamber of Commerce