NEWS RELEASE
SAULT STE. MARIE CHAMBER OF COMMERCE
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Tariffs are the most urgent threat facing Canadian and American businesses today. Modelling from the Canadian Chamber of Commerce's Business Data Lab suggests that these tariffs would come at a huge economic cost, reducing real annual income by $1,900 CAD per Canadian and $1,300 USD per American.
With nearly 3,000 businesses in Algoma, including Algoma Steel, Tenaris, and several established local businesses in the manufacturing sector, the Sault will not be immune to the impact.
To empower the Canadian and American businesses and stakeholders who are working hard to grow our best-in-class trade relationship, the Business Data Lab launched its Canada-U.S. Trade Tracker. The interactive and customizable online tool highlights the deep and vital economic interconnections at the state, province and territory level.
“Tariffs are a lose-lose," said Stephen Tapp, Chief Economist at the Canadian Chamber of Commerce.
"They would raise business costs, reduce North America’s international competitiveness, and ultimately increase consumer prices at a time when Canadians and Americans are both struggling with significant affordability challenges,”
Canada is the largest export market for 34 states, reaching all the south way to Mississippi and Florida with each province and territory having its own special trade relationship with many American states.
For Ontario:
- Michigan is Ontario’s top American trading partner.
- 19,927 companies in Ontario export to the U.S.
- Two-way goods trade between Michigan and Ontario accounts for $86.9 million.
- Two-way goods trade between the U.S. and Ontario accounts for $446.5 million.
- 985,865 Canadian jobs are supported by Ontario’s exports to the U.S.
Nationally:
- 32,200 U.S. jobs are supported by Canadian investment in Michigan.
- 1.4 million U.S. jobs are supported by exports to Canada.
“The threat of these tariffs is one of the most significant economic challenges facing our community in recent years," said Jason Naccarato, President of the Sault Ste. Marie Chamber of Commerce.
"With the rising cost of doing business and increasing uncertainty, the economic landscape in Sault Ste. Marie and across Ontario will become even more difficult for local businesses to navigate.
"Now, more than ever, we need to rally around our small businesses, support our local entrepreneurs, and prioritize Canadian-made products and services. Every dollar spent locally strengthens our economy, sustains jobs, and helps ensure that our community remains resilient in the face of these challenges.”
With the up-to-date state of the relationship on full display through the Canada-U.S. Trade Tracker, it’s undeniable: we do better together.
However, with further tariffs looming and retaliatory measures certain to come, there has never been a more important time to support local businesses and Canadian made and produced services and products.
The announcement of a 25 per cent tariff on Canada’s steel and aluminum confirms what businesses feared: uncertainty is here to stay.
If the goal is to strengthen the U.S. economy, taxing the materials that U.S. industries rely on is the wrong move. History has already shown that these tariffs hurt American manufacturers and drive-up costs—not just in Canada, but in the U.S. as well.
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