Trump’s tariff threat weighing on Canadian businesses: BoC survey
Written by The Canadian Press on January 20, 2025
OTTAWA — Nearly a quarter of Canadian businesses expect their costs to rise with Donald Trump set to take office today, according to a new survey from the Bank of Canada.
The quarterly business outlook survey released this morning is based on interviews with leadership at about 100 companies held in November.
Views on selling price were mixed with 18 per cent of businesses anticipating prices to rise with the incoming U.S. administration, while 11 per cent expected their prices to be lower.
Overall, 40 per cent of companies expect a negative impact on their business from the incoming U.S. administration, while a third said it was too early to tell.
The majority of the firms were polled before Trump first made his initial threat of hitting Canada with 25 per cent tariffs.
Still, businesses expect sales growth to improve through 2025, driven by the anticipation of further interest rate cuts ahead.
This report by The Canadian Press was first published Jan. 20, 2025.
Nick Murray, The Canadian Press