New report paints dire picture for Surrey businesses if U.S. tariffs kick in

There are growing concerns about the implementation of U.S.-imposed tariffs and the side effects they could have on the Canadian economy, specifically in one of B.C.’s biggest cities. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE!

The Surrey Board of Trade surveyed local businesses and says that in addition to fear and frustration, many owners worry about the financial breakdown they think they’ll experience.

“Absolutely, 91.2 per cent expect a financial hit, while 79.4 per cent anticipate employment and operational impacts. So, that could be anywhere from laying off workers to reduced production, reduced hours, to scaling back their operations and not expanding which is not what we want to see,” explained Jasroop Gosal, the board’s policy research manager.

The sectors he suggests may be hit the hardest include agricultural, forestry, manufacturing, construction, retail, hospitality, transportation — among others.

“The economy will take a hit. There will be a lot of pain. There will be job losses, as well.”

As a result, the board is outlining eight actions they want all levels of government to undertake.

• Creating a Canadian supplier directory to reduce reliance on U.S. imports.
• Providing export training and tax relief for small and medium-sized enterprises experiencing revenue loss.
• Reducing interprovincial trade barriers and enhancing global trade partnerships.
• Offering sector-specific strategies through direct industry consultation.
• Clarifying tariff implications for service-based businesses.
• Protect businesses by halting all taxation changes that would deter business growth.
• Immediately freeze all regulatory changes in industry that would add cost and red tape.
• Implement a strategic plan to ensure that businesses in the South Fraser Economic Region, which are particularly vulnerable to these tariffs as a result of the industries and proximity to the border, are provided with greater international trade support through the Surrey Board of Trade’s International Trade Centre.

Gosal points out, one immediate solution is diversification.

“We need to look at South America, Mexico, Africa, the EU, Asia — all of these places are on the table.”

The board is also pushing local residents and businesses to continue spending their money in Canada.

“We need to make sure we support our businesses. We support our community and by doing that and making it a Team Canada approach and buying local we could get through this.”

He hopes the government understands how important it is to help businesses in Surrey survive.

“We need to make sure they recognize the importance of Surrey’s business community. We are going to the largest city in the entire province very soon. We are the fastest growing city in the entire country and we need to make sure our elected officials understand the significance of a city like Surrey.”

Earlier this week, U.S. President Donald Trump said his hefty tariffs on Canada and Mexico are starting next month, ending a monthlong pause on the planned import taxes that could also worsen inflation.