Canadian Businesses Optimistic About Economic Agenda Amid U.S. Tariff Threats

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A KPMG survey reveals that Canadian business leaders are optimistic about the federal government's economic measures, but they urge for swift execution amid looming U.S. tariffs.

In a recent poll conducted by KPMG, Canadian business leaders expressed a cautious optimism regarding the federal government’s economic agenda, highlighting the need for effective execution as the nation faces potential new tariffs from the United States. The survey, which took place online from June 25 to July 13, gathered responses from 359 business executives, revealing that 51 percent of them believe their companies will benefit from the government's economic strategies over the next three years.
The poll results reflect a significant sentiment among business leaders, who are advocating for the federal government to prioritize the removal of bureaucratic obstacles and expedite the construction of a new oil pipeline on the West Coast, which they see as crucial for stimulating economic growth. This survey was conducted prior to the U.S. government’s warning about imposing a 50 percent tariff on a wide array of Canadian goods starting August 19. Despite this looming threat, the responses provide insight into how business leaders are approaching the current trade volatility.
Lachlan Wolfers, the national leader at KPMG Law, noted that many businesses are adopting a measured stance, preferring to observe how the situation with U.S. tariffs develops before making any significant changes to their strategies. The survey underscores a collective desire among Canadian businesses for the government to concentrate on measures that are within their control to enhance economic resilience. These include a prompt execution of the federal economic agenda, improvements in tax competitiveness, and efforts to diversify trade partnerships.
As the business landscape evolves, the call for action reflects a broader concern about economic stability and growth in the face of external pressures. The leaders’ feedback points to an urgent need for the federal government to act decisively in areas that can foster a more favorable business environment, especially amidst the backdrop of potential trade conflicts. The sentiment of the surveyed leaders indicates a strong belief that effective governmental action could help mitigate some of the impacts associated with the proposed tariffs and bolster the economy overall.

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