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Tariffs and North American trade relations: Risks, strategies, and no-regret moves
President elect Donald Trump proposed a 25% tariff on all products entering the US until the flow of illegal drugs and immigrants from Canada is stopped. Such a move could have severe economic repercussions for both countries, particularly in industries such as oil, automotive parts, and consumer goods. The automotive parts and energy sectors are highlighted as examples to demonstrate the potential consequences of these tariffs.
We’ve developed a report and self-assessment checklist to help businesses evaluate their vulnerability to potential tariff increases and evolving international trade dynamics. And going further, help business leaders frame a response to turn risks into competitive advantages. It outlines actions such as evaluating transfer pricing strategies, diversifying the supply chain, investing in automation and technology, collaborating with industry associations and government agencies, and continuously assessing and mitigating risks.
Canadian businesses prepare to navigate potential tariffs and changes in trade agreements. By evaluating their vulnerability and implementing proactive strategies, companies can mitigate the financial burden of tariffs and maintain competitiveness. Our latest report offers a starting point in the journey to supply chain optimizations and stability amid an increasingly complex trade environment. With careful planning and strategic moves, Canadian businesses can adapt to changing trade dynamics and seize new growth opportunities.
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Deloitte’s global presence, comprehensive industry and supply chain knowledge, and tax and regulatory understanding can help companies navigate volatile trade environments, optimize their supply chains, and adapt to the tax implications of international trade. Let us help you take a proactive approach. Please reach out to AgileResilientSC@deloitte.ca
Jim Kilpatrick
Global Supply Chain & Network Operations Leader
Lisa Zajko
National Global Trade Advisory Leader
Dawn Desjardins
Chief Economist, Deloitte Canada
Ryan Ernst
Agile & Resilient Supply Chain Co Leader – Technology & Transformation
Jordan Eizenga
Agile & Resilient Supply Chain Co Leader – Strategy, Risk & Transactions
Jakub Uziak
Value Chain Alignment Leader
Key contacts
