Ahead of the tariff announcement Wednesday afternoon by U.S. President Donald Trump, the Greater Sudbury Chamber of Commerce invited BDC chief economist Pierre Cléroux to give the local business community a talk on what to expect.
Cléroux’s main message was that, regardless of what Trump announces, people need clarity and they need it now. The Canadian economy has done well, but the uncertainty itself is becoming a problem.
“Businesses are waiting to see what will happen,” he said.
“Even consumers are worried about what’s happening. So if we have a clear message tonight, clarity about tariffs … whatever the tariffs are, we would be in better shape because businesses will be able to make a decision.”
Chamber president Marie Litalien said Cléroux was able to explain the often confusing tariff situation for members in Sudbury.
“They’re not sure how to approach it and it’s a wait-and-see scenario,” Litalien said.
What steps to take
“So hearing from an expert … is really helpful (and will) help them take the right steps.”
Cléroux said there are steps businesses can take today for a brighter tomorrow, starting with improving efficiency.
“If they do that, they will be more profitable and that’s something we have control of,” he said.
“We don’t have controls of tariffs, but we do have control of our business. We should also look at de-risking our international activities. If you are exporters, look at other markets around the world and also imports, because there’s some tariffs now on U.S. imports. So we should also look at buying more Canadian products.”
Cléroux said despite tariffs, Canada will find a way to grow its economy no matter what. He said it may just take time to absorb the shock before pivoting.
