In the world of business, uncertainty can be devastating, and Canadian firms are feeling the heat of an ongoing tariff war with the US. For Wes Love, owner of Taurus Craco in Toronto, this situation has left his plans in a state of chaos. His company, known for importing machinery to distribute across North America, has faced financial setbacks due to sudden tariff changes implemented by President Donald Trump.
Earlier this year, Taurus Craco was hit with a hefty bill after a shipment crossed borders post-deadline, costing the business nearly C$35,000 (approximately $25,500). Mr. Love likened the experience to navigating mobster-style dealings, demonstrating the punitive nature of the current trade climate. With 75% of Canadian exports destined for the US, the trade relationship is crucial to Canada's economy, which is already showing signs of stress, reported to have grown a mere 0.8% at the start of 2025.
As the Canadian Prime Minister, Mark Carney, tries to negotiate calmer waters, the situation worsened this past week when Trump abruptly announced the end of trade discussions over a digital services tax. As businesses like Taurus Craco adapt to an unpredictable landscape, the need for clear and stable rules has never been more pronounced. Mr. Love summarized the plea of many entrepreneurs: "Give us a set of rules and leave them alone."
The uncertainty has also ripple effects on the service sector, with consultancy firms reporting a drop in inquiries by 50%. Expert Sam Gupta noted that long-term investments have been put on hold, leading to fears about future sustainability. While some companies attempt to pivot, the question remains how long this difficult period will persist, with many hopeful for resolution but equally wary of the ongoing volatility in US-Canada trade relations.
As the Canadian economy grapples with these challenges, one thing is clear: businesses thrive on certainty, and without it, uncertainty reigns supreme.
