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Opinion: Trade turmoil evokes 'pandemic days' for Saskatchewan businesses
Saskatchewan small businesses are split on whether Canadian retaliatory tariffs in response to Donald Trump's trade war were the right move.
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At the Canadian Federation of Independent Business (CFIB), we’ve heard from small business owners, politicians and many others, that the past few months have felt like a return to the “pandemic days,” with instability and economic uncertainty on the rise.
According to CFIB’s March Monthly Business Barometer, Canadian small business confidence plummeted to record lows. That’s worse than after 9-11, the 2008 financial crisis, or even the darkest days of the pandemic.
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At least during the pandemic, there was some sense of structure. Daily briefings from political leaders helped businesses make decisions based on the latest information. Today’s trade disputes offer no such clarity.
Policy announcements can come at any moment, disrupt markets and business plans overnight, and then be walked back the next morning or completely contradicted by mid-afternoon.
For small business owners who depend on reliable supply chains, even short-term planning has become a challenge. It’s increasingly difficult for business owners to look six weeks ahead, let alone six months when trying to plan payroll, pay suppliers or manage inventory.
It’s no wonder that nearly half of Saskatchewan small companies say they no longer view the U.S. as a reliable trading partner, according to recent CFIB data.
Small businesses are also feeling the impacts of Canada’s retaliatory tariffs on U.S. goods. CFIB data indicates only about half (51 per cent) of Saskatchewan small businesses believe Canada’s retaliatory tariffs were the right........
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