Latest news with #DiCapua
CBC
14-02-2025
- Business
- CBC
New report says Sudbury would be most resilient city in Canada in the face of U.S. tariffs
A new study suggests that Sudbury would be the most resilient city in Canada to the threat of U.S. tariffs. That's according to a new report from the Canadian Chamber of Commerce. The chamber ranked Canada's 41 largest cities on their vulnerability to U.S. tariffs, compared to the Canadian average. Andrew DiCapua, a principal economist at the Canadian Chamber of Commerce, and one of the study's authors, said the research looked at exports from the 41 cities and what share of those exports were going to the U.S. "And then we look at another component, which is exports to the US relative to the local GDP [gross domestic product]," he said. "If exports to the United States were to decrease, what would be that relative shock to the local economy?" Because it is home to Canada's largest crude oil refinery, the report listed Saint John, N.B., as the most vulnerable city in Canada to potential U.S. tariffs. Calgary was second on the list. "These are cities that are in the oil and gas industries where over 90 per cent of exports go to the United States," said DiCapua. According to the report, Sudbury would be least affected by U.S. tariffs because its main exports are minerals, like nickel and copper, which are sold to a higher number of countries around the world. According to Natural Resources Canada, the country exported 99,618 tonnes of unwrought nickel valued at $3.2 billion in 2023. The U.S. was the biggest customer, importing around 49 per cent of that volume, but the rest was divided among many other countries, including Japan, the Netherlands and China. "Relative to other industries, 50 per cent is quite diversified," DiCapua said. But DiCapua said U.S. tariffs would still have a significant impact across Canada, including in cities like Sudbury and Kamloops, B.C., which are less reliant on U.S. customers than others. "So it doesn't mean that, for instance, Sudbury would be off the hook," he said. "Sudbury still exports about $460 million to the United States, right? And of course, there are secondary issues when it comes to a slower economy and job losses. This really can impact a variety of different sectors." While Canada can't divest itself from depending on the U.S. as its biggest trading partner, DiCapua said it will be important for politicians to continue looking for new trade opportunities with other countries. The report did not include smaller northern Ontario cities such as Sault Ste. Marie and Timmins.
Yahoo
13-02-2025
- Business
- Yahoo
Canadians reconsider travel to Myrtle Beach amid tariff talks
MYRTLE BEACH, S.C. (WBTW) — Some Canadians are questioning whether they should vacation in Myrtle Beach as President Donald Trump looks to implement tariffs on Canada as a part of his plan to bring more business to the United States. The 64th annual Can-Am Days event is just around the corner. The occasion brings Canadians and Americans together in Myrtle Beach, but some Canadians say they may travel elsewhere. 'A trade war is not where we want to go,' said Andrew DiCapua, an economist with the Canadian Chamber of Commerce. 'Unfortunately, it looks like that is where things are headed.' President Trump recently announced plans to implement 25% tariffs on Canada and Mexico and 10% on China. However, he agreed with Mexico and Canada to delay the plans for at least a month. The Canadian Chamber of Commerce says tourism and the economy are on the line. The U.S. Travel Association reports Canada is the top source of international travel for the U.S., with more than 20 million visitors. 'I can tell you a lot of Canadians are really rethinking their travels down to the United States, which is really unfortunate,' DiCapua said. 'There really has been this national unity in Canada where we're really just upset and with the tone, you know, that is coming out of the U.S. administration.' DiCapua said Canada has closer ties to South Carolina than many think. He says $8 billion in goods are traded every year, and about 19,000 jobs are supported by Canadian investment in South Carolina alone. The chamber said that with a 25% tariff, the income for each American would be reduced by $1,300. DiCapua said for businesses, it's already crippling. 'How are businesses supposed to be able to plan in this environment,' he said. 'If you have to make orders for next month, you know, what do you do?' While the pause is welcomed, he said they're not hopeful President Trump will back down, and because $2.7 billion in goods cross the border every day, he said the tariffs will have a big impact on both countries. 'Tariffs in the long run are a tax and lead to higher costs,' DiCapua said. 'It really does walk back the last 30 years of regional integration.' However, U.S. Rep. Russell Fry said in a statement to News13 that the tariffs send a message of strength and that President Trump is showing 'the art of the deal.' * * * Adrianna Lawrence is a multimedia journalist at News13. Adrianna is originally from Virginia Beach, Virginia, and joined the News13 team in June 2023 after graduating from Virginia Commonwealth University in May 2023. Keep up with Adrianna on Instagram, Facebook, and X, formerly Twitter. You can also read more of her work, here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
