In the latest episode of “Talking Trade,” GoExport co-founder and Vice President Louis-Philippe Bourgeois discusses how Canadian exporters are navigating the shifting tariff landscape.
GoExport is a Montreal-based firm offering international trade advice to both Canadian and American companies, including business strategy and market development.
Bourgeois says exporters in Canada are challenged by uncertainty and financial pressure following the latest salvo of tariffs leveled by the U.S. and their own government, covering about $28 billion of goods.
“And of course, $28 billion represent a lot more in Canada than in the U.S. when we compare the two economies,” he said.
Amid this strained trade environment, Canadian companies are now reviewing their contracts and seeking ways to manage higher costs. That includes exploring other markets outside of the U.S., Bourgeois noted.
“Canadians want to diversify their market, but it takes time,” he said before the Nov. 3 elections. “And of course, U.S. remains an important, the most important, trading partner so we want to keep good relationship. We hope that the situation will change.”
The conversation touches on which products are impacted by the existing tariffs, including dairy products and alcoholic spirits as well as aluminum, steel and wood, as well as the latest developments in trade agreements.
While Canadian Prime Minister Mark Carney has recently opened up trade negotiations with the European Union, Bourgeois notes Canada already has an agreement in place with the EU. But he says that agreement didn’t bring a huge amount of new business relative to the U.S. market.
“Even if we double the exportation to Europe and Europe doubled their exportation to Canada …we’re talking about less than $100 billion per year,” he said. “With the U.S. we’re talking close to $400 billion per year, so it’s not the same market even if we have free access to 28 markets in Europe.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. CEO Sandi Siegel and sponsored by the Dairy Farmers of Wisconsin, Carroll University and Michael Best Strategies.