STATEMENT FROM DENNIS DARBY, PRESIDENT & CEO, CANADIAN MANUFACTURERS & EXPORTERS REGARDING THE POTENTIAL IMPOSITION OF A 25 PER CENT TARIFF BY PRESIDENT-ELECT TRUMP

OTTAWA, ON, Nov. 26, 2024 /CNW/ - New tariffs on cross-border trade would have a devastating impact on manufacturers, workers and consumers in both Canada and the United States.  This is truly a lose-lose proposition.

Canada's exports to the U.S. are primarily materials and inputs used by American businesses to manufacture other products. Imposing tariffs wouldn't just harm Canada's economy—it would also hurt U.S. manufacturers by increasing their costs and disrupting the deeply integrated supply chains that make North American manufacturing globally competitive. The economic relationship between Canada and the U.S. is enormous, with $2.5 billion in goods crossing the border every day in 2023. Of that, 75 per cent consisted of manufactured goods, underscoring just how critical this partnership is for the prosperity of both nations.

President-elect Trump has made it clear that he wants U.S. manufacturing to grow and thrive. These tariffs would have the opposite effect. CME is working closely with the federal government in Canada and with our partners at the U.S. National Association of Manufacturers to ensure the new administration and other decision-makers fully understand the consequences of this proposal.

We believe Canada and the U.S. must work together on policies that support the growth of manufacturing while strengthening our shared economic and national security and not pursuing policies that will undoubtedly harm U.S. manufacturers, in addition to Canadian businesses and workers.

SOURCE Canadian Manufacturers & Exporters

FOR MORE INFORMATION: Jane Taber, Vice President, Public Affairs NATIONAL Public Relations, C: 902-209-9512, [email protected]