When US President Donald Trump ramped up tariffs on steel, aluminum and cars, the global trade map shifted overnight. Canada1% of goods once flowed southfelt it first. Now, businesses from drug makers to steel suppliers and sports brands are exploring new markets to soften the blow.
Pharma Firms Navigate New Waters
PNP Pharmaceuticals, a contract manufacturer of capsules and tablets in British Columbia, has long supplied US drugmakers. Facing 25% levies, the company is now courting partners in Asia. We are now venturing into other markets as we see that we need to pivot,
says Alan Urmeneta, Partnership Sourcing Manager.
Packaging Producers Brace for Impact
LabelPak Printing Inc., also based in British Columbia, sources packaging products from Asia. Though untouched by current US tariffs, founder Ken Gallie warns of potential 50% levies on Canadian goods. If he gets mad and decides to throw a 50 percent tariff on Canadian goods, it's going to really put us out of the market,
says Ken Gallie, founder of LabelPak Printing Inc. To hedge risks, LabelPak plans to refocus on the Canadian market, reducing its 15% reliance on US sales.
Steel and Sports Brands Seek Fresh Horizons
A steel component maker with a 35-year US client base has begun notifying customers of price hikes due to new duties. At the same time, a sports products manufacturer is expanding into European markets, diversifying beyond North America.
Stability Is the New Prime
If you are a smart, savvy business person, you are not going to jump right back into another arrangement where you are totally reliant on a US partner,
says Mike Chisholm, head of a consultancy for Canadian exporters. With banks and investors seeking certainty, agility and market diversification are fast becoming survival strategies.
As tariffs continue to reshape trade flows, companies are proving that adaptability might be the strongest asset in an unpredictable global economy.
Reference(s):
Facing tariffs and uncertainty, more firms look past US markets
cgtn.com
