U.S. election has Canadian businesses worried about protectionism: report

A caller study says galore Canadian concern leaders are disquieted astir economical uncertainties related to the looming U.S. election.

The survey by KPMG successful Canada of 735 small- and medium-sized businesses says 87 per cent fearfulness the Canadian system could go “collateral damage” from American protectionist policies that pb to little favourable commercialized deals and accrued tariffs

It says that owed to those concerns, 85 per cent of concern leaders successful Canada polled are reviewing their concern strategies to hole for a alteration successful leadership.

The concerns are chiefly being felt by larger Canadian companies and sectors that are highly integrated with the U.S. economy, specified arsenic manufacturing, automotive, proscription and warehousing, vigor and earthy resources, arsenic good arsenic technology, media and telecommunications.

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Shaira Nanji, a KPMG Law spouse successful its taxation practice, says the imaginable of further changes to economical and commercialized policies successful the U.S. means immoderate Canadian firms volition request to look for ways to mitigate added costs and instrumentality vantage of imaginable commercialized alleviation provisions to stay competitive.

Both statesmanlike candidates person campaigned connected protectionist policies that could origin uncertainty for Canadian trade, and whoever takes the White House volition beryllium successful complaint during the reappraisal of the United States-Mexico-Canada Agreement successful 2026.