Impact of Trump's tariffs on business investment already apparent
Trump’s tariffs have already done a lot of damage and created chaos for investors in Canada. It takes a while for official Statistics Canada data to track and report changes in investment and employment, but a colleague has shared with me a round-up of media headlines tracking investment shifts across Canada that start to paint a picture, and given me permission to share it here.
January 17 - FCL pauses Regina biodiesel, canola crush plant projects for 'foreseeable future'
January 23 - Company scraps planned London plant citing Donald Trump tariff threat
January 29 – KPMG surveys 250 business leaders and 48% plan to shift investments to the US.
January 30 - Canadian pancake-mix, snack-bar makers consider moving to U.S. as tariffs loom
February 6 - GM would have to consider moving plants if U.S. tariffs became permanent, CFO says
February 12 - On an earning call, Smurfit Westrock said that they have one large mill in Canada that exports to the U.S. “If that mill had to apply a 25% tariff, we’ll have to figure out how we would adjust ... because that would be very uncompetitive very quickly,”
February 13 - Mullen’s stern warning to Canadian politicians: ‘We’re going to go where the capital goes’
February 14 - Barrick considering redomiciling from Canada to the U.S. and Trump could make it happen faster, says CEO Mark Bristow
February 14 - Automotive industry will see disruption from U.S. tariffs on imports, Magna CEO warns
February 19 – Canadian trucking company TFI International eyes move to U.S. amid looming trade war | Globe and Mail
By February 24, TFI said it won’t move its HQ in response to concerns from shareholders (largely the Caisse)
February 20 - Citing 'dynamic environment,' Stellantis hits pause on $1.3B Brampton Assembly retooling
March 3 - Brazil’s Alubar Metal, a maker of aluminum electrical cables, has announced it would close its factory in Bécancour, Que., following the implementation of U.S. import tariffs on Canadian products.
UPDATE:
March 4 - Algoma Steel lays off some salaried professionals as trade war with U.S. commences
March 12 - Union says 170 jobs lost as B.C. manufacturer Prepac moves operations to U.S.
March 13 - New poll suggests 40% of Canadians fear losing their jobs due to Trump's tariffs
March 14 – Employers begin layoffs as Canada-U.S. trade war intensifies
Some businesses that are moving can be replaced with Canadian companies - making candy bars for example, There will be demand for these here in Canada. The businesses that are moving should never be allowed back into Canada.