A canola grower checks on his storage bins full of last year's crop of canola seed on his farm near Cremona, Alta., on March 22, 2019. THE CANADIAN PRESS/Jeff McIntoshAs Donald Trump's inauguration looms, Canada's agriculture industry is waiting with bated breath to see whether the sweeping tariffs he's threatened will come to pass.
Tariffs -- which are levied on goods from other countries -- would raise the cost of doing business and squeeze profits for Canadian producers, said Gervais. They could introduce more volatility into the market and make it harder for companies to make new business plans and investments, he said. Laycraft and Davison said if the tariffs were enacted, producers would start looking to other export markets as they deal with price pressure and restricted access."But you don't just replace a huge market like the United States."
He noted the Canadian dollar has already lost ground against the greenback since Trump's election, which over time would add inflationary pressure on imports from the U.S.The last time Trump was president, the long-standing North American Free Trade Agreement was scrapped and replaced by the Canada-United States-Mexico Agreement."There are ... dispute resolution mechanisms within that agreement.
Because of this, he expects more so-called nearshoring in the coming years as export-led growth and globalization lose their footing, meaning the economic argument will be stronger to invest in local processing and manufacturing. The canola industry is also eyeing other markets, said Davison, including countries in the Indo-Pacific that have growing feed industries."But ... when you're talking about high-value markets of the size of the United States, for example, those kinds of markets don't grow on trees."The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop.
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