OTTAWA — Export Development Canada says roughly one-third of Canadian exporters surveyed for the agency said they were negatively impacted by ongoing steel and aluminum tariffs that are affecting Canada-U.S. trade.
The Ottawa-based Crown corporation says its semi-annual survey also found that of those companies hit by the tariffs, 19 per cent have in turn raised prices and 18 per cent have found alternate markets and suppliers.
Trade barriers were the top challenge faced by companies surveyed, at 14 per cent, followed by obtaining financing and finding skilled talent.
The results of the survey done in October and November come after the signing of the U.S.-Mexico-Canada Agreement, or USMCA, following long, strained negotiations.
With a deal reached, roughly 41 per cent of companies surveyed now say they have increased or are considering increasing investment — more than double the number of firms from six months prior when a North American trade agreement was still in limbo.
As well, the percentage of companies that said they were delaying plans due to trade deal negotiations has shrunk to 35 per cent, down from 57 per cent of those surveyed six months earlier.
The Canadian Press