Canadian business groups say Trump second term may bring different risks for Canada

By Nojoud Al Mallees, The Canadian Press on November 7, 2024.

OTTAWA – Donald Trump’s mandate to get tough on trade is expected to be stronger in his second term as U.S. president, posing different challenges for Canada than his first time in the White House.

Goldy Hyder, the president of the Business Council of Canada, is warning the past might not offer a good road map for dealing with a Trump administration again.

Hyder says the president-elect has a strong endorsement from the American public for his tough-on-trade platform that includes a promise to impose 10 to 20 per cent tariffs on all goods flowing into the United States.

The Canada-United States-Mexico Agreement which was negotiated during Trump’s first term is up for review in 2026 and Trump has vowed to renegotiate it.

Stephen Tapp, the chief economist at the Canadian Chamber of Commerce, says Trump will likely take a more combative stance on trade negotiations this time.

Finance Minister Chrystia Freeland projected calm following the election results, reassuring Canadians that the government is well-equipped to work with a Trump administration again.

This report by The Canadian Press was first published Nov. 7, 2024.