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The US tariff strategy is like an indecisive situationship right now. The Trump administration can’t decide if it’s in, out, or in limbo on tariffs and has left at least one country reassuring private businesses.
Where in the world? Canada could be among the most damaged by tariffs but the government appears to be getting ahead of it, the BBC reported. While President Trump ultimately paused most of the tariffs on Mar. 6, up to one million Canadian jobs could be impacted if they go into effect next month.
“We will absolutely be putting in place measures to help businesses,” Steven MacKinnon, Canadian Minister of Employment, Workforce Development and Labour, said, according to HR Reporter. “[We] already possess the tools and the flexibility required to respond vigorously in support of our workers. The government has a number of tools that it can use in addition to responding very decisively to these tariffs, that it can use to help businesses if it's required.”
While the government is reassuring workers and employers, some businesses are weighing their options to protect their bottom line, the Financial Post reported.
“It is not difficult to imagine scenarios in which more than a few Canadian companies choose to move their head offices to the US,” Jock Finlayson, senior fellow at the Fraser Institute, a Vancouver-based think tank, said, pointing to the “thickening” border between the two countries as one reason for potential moves. He’s concerned that Trump will continue putting pressure on foreign governments, and businesses will respond by moving more business to the US to avoid the negative effects of those policies.
Satellite view. US businesses are worried about tariffs as well, CFO Brew reported, and they could negatively impact employment. Staffing firms that assist companies which rely heavily on using imported goods, may see a decline in business or more contingent hiring, according to Staffing Industry Analysis.
Employers are left to decide how to respond to an uncertain economy and the future of tariffs, as job cuts rise.
“Private companies announced plans to shed thousands of jobs last month, particularly in retail and technology. With the impact of the Department of Government Efficiency [DOGE] actions, as well as canceled government contracts, fear of trade wars, and bankruptcies, job cuts soared in February,” said Andrew Challenger, senior vice president of outplacement firm Challenger, Gray, and Christmas, told US News.
Coupled with everything else, worker confidence has declined recently, so employers may be in for a tough road.