Navigating economic changes

Tariffs are taxes or duties imposed by a government on imported or exported goods from a specific country. Tariffs essentially raise the cost of certain products for those who import them, often prompting those importers to seek cheaper alternatives. 

Tariffs can raise the cost of imported or exported goods, causing importers to pay more for the products and materials they bring in:

• Canadian companies impacted by U.S. tariffs could have a harder time selling their products to American clients. 

• Canadian consumers and companies looking to purchase U.S. goods carrying Canadian tariffs (introduced as countermeasures*) may find themselves paying more for those products. 

The resulting increase in costs and decrease in demand can lead to volatile markets as well as economic concerns around inflation and recession.

*The Government of Canada has announced tariff countermeasures in response to the U.S. tariffs. Read the initial announcement or review the list of U.S. products subject to tariff countermeasures.

We recognize that this period of uncertainty will be deeply felt by many of our clients. Scotiabank has deep expertise in operating across North America and a proven track record in supporting our clients through periods of economic volatility. With our experienced team, long history, and unique footprint, we are well-positioned to assist our clients with the advice, knowledge, and support that Scotiabank is known for. Please connect with your business advisor if you have further questions: we are here to help.