Companies are looking for alternative suppliers and changing their production methods due to tariffs.
Businesses are adjusting their supply chains due to tariffs by seeking new suppliers and shifting production. However, the specifics of what will be impacted by tariffs and the duration of their imposition remain uncertain.
According to Dan Kelly of the Canadian Federation of Independent Business, about half of their members are actively exploring new supplier options. He emphasized the significant concern this poses for small businesses.
Nevertheless, finding alternative suppliers can be challenging depending on the nature of the business and its products. Kelly noted, “If you have specialty products, the U.S. may be the only viable option.”
Recently, U.S. President Donald Trump imposed tariffs on Canadian goods, prompting Canada to respond with retaliatory tariffs, leading to higher prices for imported goods.
