‘We do have to take it seriously': How Maritime manufacturers, exporters could be impacted by new tariff threats
Ron Marcolin with Canadian Manufacturers and Exports discusses the latest developments in the trade war.
U.S. President Donald Trump sent a letter Thursday informing Prime Minister Mark Carney of a 35 per cent tariff that will be imposed on exports from Canada to the U.S.
The new levies, which are in addition to several tariffs imposed since March, would come into effect on Aug. 1. Trump also said the tariff would rise if Canada retaliated with new tariffs of its own.
'I think it's fair to say we do have to take it seriously,' Ron Marcolin, vice president of Canadian Manufacturers and Exports (CME) for New Brunswick and P.E.I., told CTV Atlantic's Todd Battis.
Marcolin says since early March, Canada has received a series of threats from Trump about imposing tariffs and the tariffs that have been put in place are already affecting businesses in the Maritimes.
'Unfortunately, it is a bit of a game, it's a very serious and high stakes game,' said Marcolin. 'But we know that he can change his mind and is prone to changing his mind, that's part of his strategy.'
On top of the newly announced 35 per cent tariff, Canada now faces a 25 per cent tariff on most Canadian goods, 10 per cent tariffs on energy sources, 25 per cent tariffs on steel and aluminum and 25 per cent tariffs on autos and auto parts.
Along with the announcement on Thursday, Trump announced a 50 per cent tariff on copper.
'The unique thing about copper is Americans need Canadian copper,' Marcolin said. 'They need Canadian copper concentrate so ultimately they can refine it and smelt it.'
Marcolin said this tariff will impact the copper customers in the U.S.
As for manufacturers in the Maritimes, Marcolin said they will begin to look for suppliers elsewhere to diversify their markets.
'[Companies] look at say, shipping lanes out of Halifax and out of the Port of Saint John, looking to Europe in particular,' Marcolin said.
Government agencies are also available to help exporters in the Maritimes who don't have the knowledge of exporting to Europe, Marcolin said.
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