Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsPosthaste: With new tariffs looming, small businesses fear the worstCFIB says tariffs will affect about 40% of exporters, 35% of whom expect their revenues to fall by at least halfLast updated 1 hour ago You can save this article by registering for free here. Or sign-in if you have an account.Overall, more than 90 per cent of exporters are concerned about the incoming tariffs, with 32 per cent of respondents indicating they are “very concerned.” Photo by STOCK IMAGE/UNSPLASHSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorAs the Trump administration is set to invoke new tariffs against Canadian exporters, many small businesses are already bracing for the worst.U.S. President Donald Trump has ordered 50 per cent tariffs on a range of Canadian goods starting Aug. 19, after months of trade negotiations have yielded little progress.The tariffs will affect about 40 per cent of exporters, 35 per cent of whom expect their revenues to fall by at least half, according to a recent survey from the Canadian Federation of Independent Business (CFIB).Overall, more than 90 per cent of exporters are concerned about the incoming tariffs, with 32 per cent of respondents indicating they are “very concerned.”Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againThe proposed levies cover more than 500 Canadian exports worth about US$20 billion and will include goods previously covered under the Canada–United States–Mexico Agreement (CUSMA).“If the tariffs come into effect next week, they will cause massive dislocation for small businesses that rely on U.S. clients and American buyers that rely on Canadian suppliers,” CFIB president Dan Kelly said in a news release.“Most of these businesses have been operating under the long-standing assumption that CUSMA-compliant goods would remain tariff free. The prospect of losing sales, slashing prices, or having to pivot to new markets altogether, is generating a lot of small-exporter anxiety in the lead-up to Aug. 19.”U.S. officials have said the newest round of tariffs are in response to Canadian countermeasures against previous levies, including removing U.S. alcohol from store shelves.The CFIB said industries most impacted are those selling machinery, lumber, plastics, food and jewellery, among others.“Few small firms can absorb a 50 per cent tariff, and few can pass that cost on to customers while staying competitive,” Kelly added. “All eyes are on our negotiations with Washington as the stakes are very high for Canadian SMEs (small and medium-sized enterprises).”Canadian government officials have been camped out in Washington trying to hash out a deal before next Wednesday’s deadline.Sources told Bloomberg News that the framework of a deal would include the U.S. administration backing off the proposed tariffs, while Canada would step back on its retaliatory measures. Sign up here to get Posthaste delivered straight to your inbox.Prime Minister Mark Carney is walking a political tightrope as he navigates the threat of steeper tariffs against Canadian companies, though negotiations are underway to find a solution.Carney has promised that his government will not accept a bad deal, but the pressure is on with less than a week to find a solution.And with some of the biggest trade irritants — namely provincial bans on U.S. booze — out of his control, concessions may be difficult to achieve.Today’s Data: Wholesale trade for June, U.S. retail sales for JulyEarnings: Aya Gold & Silver Inc.Still working at 71, John is frustrated that the Canadian government now requires him to transfer all his RRSP funds into a registered retirement income fund (RRIF) and then gradually withdraw money from it, which will be taxed.He wonders if there is any way to protect these funds until he does retire and defer taxation. FP Answers has some advice on how working Canadians can potentially reduce taxes and manage OAS clawbacks.Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.