We understand that recent headlines around U.S. tariffs on Canadian goods have raised some concerns. And with another announcement expected from President Trump on April 2nd, concerns are climbing even higher. Although our outlook on the expected impacts hasn’t changed significantly since the last announcements in March, we want to reiterate what we expect those impacts to be. We want to be clear about what this could mean for you and how we can help. Because supporting you is always our top priority.
What tariffs could mean overall for Canadians
The U.S. is Canada’s largest trading partner, so any tariffs on Canadian goods could have a broad impact. Here’s a breakdown of what might happen:
- Economic Impact: Canada’s GDP could start to see a reduction and potentially further depreciation of the Canadian dollar.
- Rising Costs: If Canada responds with retaliatory tariffs, prices for U.S. imports could increase, affecting everyday items like food and household goods. Small and medium-sized businesses relying on cross-border trade could also face higher costs and delays.
- Job Market Impact: Many industries in Canada are linked to trade with the U.S. If tariffs are imposed, sectors like manufacturing, agriculture, and technology could face disruptions, leading to potential job losses.
- Business Competitiveness: Tariffs on Canadian goods would likely reduce demand from U.S. consumers, which could result in lower sales for Canadian businesses.
How to prepare for these potential impacts
We know this situation may feel unsettling, but there are proactive financial steps you can take to prepare for potential changes if the US decides to move forward with the tariffs:
- Budget for Potential Price Increases: If prices rise—particularly for imported goods from the U.S.—it’s a good idea to review your budget and seek out lower-priced or local alternatives.
- Support Local: By buying Canadian-made products when possible, you not only support local businesses but also reduce reliance on goods that could be impacted by tariffs.
- Financial Guidance: This may be a good time to speak with one of our Coast Capital advisors. Whether you want to take specific action, or you just have questions about everything that’s going on, we can help you navigate the impact of these changes and ensure your finances are on track.
We’re here to help
No matter what’s going on in the world, the economy, or your own financial situation—we’re here to help. We’re committed to providing you with a clear path forward, and personalized advice you can feel confident in, even if the world feels uncertain.
