'Volatility becoming the condition': B.C. businesses face new reality amid trade war

Canada's new retaliatory tariffs on U.S. imports are now in effect. Those countermeasures kicked in just after midnight eastern time and they impact almost $28 billion worth of American goods coming across our border. The dollar-for-dollar tariffs affect about 700 various products ranging from 15 to 50 percent. They include products like steel, various dairy products, plywood, even toilet papers on the list. The levies are in response to tariffs launched by U.S. President Donald Trump. He slapped 50 percent duties on a range of Canadian goods when trade talks broke down last month. So how are small businesses in B.C. bracing for the impact of a potential counter-tariff? For more on that, we've reached out to Jen Riley. She's the president and CEO of the B.C. Chamber of Commerce. Thank you so much for joining us here, Jen. I'll ask you first off just for an update. I know we've probably asked you this a million times already, but it's been a couple weeks now. How are small businesses in B.C. coping with the impact of all this? I feel like volatility is becoming the condition, to be honest. So it's the first day of school here in British Columbia, and I'm not sure if I'm the only one, but I'm feeling it's a page turner of resilience at this point. We can only get hit so many times. So you can expect all of the businesses across B.C. are feeling the same that all Canadians are feeling, but I think we're tired of it. And while we're nervous and worried, I also really believe in the resilience of Canadians. Retaliatory tariffs going into effect as of midnight Eastern time, as of today, this morning. Are those impacting small businesses in B.C. as much? And if so, how? I know we're less than a day in, but I'm sure there's been time to absorb the impact that they would have. I think what we're hearing is both sides of the tariffs hurt, because we've been so integrated with our trade partner over years. Whether that's corrugated cardboard for your packaging of a small perfumery or larger parts of a agricultural machinery, it is going to hurt any way you cut the cake. And I think this is just the opportunity for us to realize that our sibling, our friend, our greatest trading partner may not be the kind of partner we want anymore. And it is going to hurt. I think we heard Connors say that today. And that's certainly what we're hearing from our members across British Columbia. And we're trying to do our best as Chambers of Commerce, both locally and at the provincial and the national level, to help. How can we teach people other ways to find elements of the supply chain they need to succeed? How do we help them find new trading partners, whether that's interprovincially or with many new trade opportunities that we're getting globally? And now we're hearing talk that perhaps there are more retaliatory tariffs coming the other way from the U.S. as well, possibly as early as later on today. We don't know for sure. But I guess that only stresses the need for quick action, new partners, and I guess doing whatever you can. Honestly, what would we expect? I think this is what this administration has taught us. As we are seeing strength from Prime Minister Carney finally putting a stake in the ground, being the country that says no when we're being bullied, and the weak action we get is changing a lake. I don't know why we would expect any different. We were counting the amount of times here in the BC Chamber of Commerce of how many times that we've had these changes, and we're at 17. So I think the variability is the constant. So what are we going to do with this information? And I think the role that we can play here in British Columbia is how do we help businesses to move past a very difficult time and hopefully to thrive and find a way to be more independent and grow trading partners and customer bases in new areas. In terms of helping businesses, obviously, consumer activity and behavior and choices plays a large part in that. But also, of course, help from the government. And does it seem as though there's been enough help from the government, from various levels of government, for small businesses in your province? I think they moved quickly. We certainly had the lines open as we should with both federal and provincial bodies within days. And that's the right reaction. But I think there's still a lot to learn on both sides. What do we really need? How do we make sure that these aren't programs that are loans that ultimately at the other side hit us down the road? So still a lot to be done. I think what we're focused on here in the role that we can play is how do we support with education and demonstrating methods of finding new ways to thrive? And that's certainly the supports are helpful. But I think the buck is stopping. We have another two years of this administration and we need to be able to move forward. Does it give you any hope, this discussion, that there is supposed to be some sort of talking between Dominic LeBlanc and Jameson Greer today, that they have had small discussions here and there over the last few days? Does it bring you some sort of hope that perhaps they might get back to the table and maybe negotiate a deal? I'm kind of giggling here because I'm not sure it's coming back to the table has taught us more that this would be better. And why would this time be different? You know, we talk about teaching a child, you touch a hot stove how many times so you know the stove is hot. So at the end of the day, we share geography. US is our neighbor. And I am hopeful that we continue to have a better relationship with that trading partner in the future. But I am not counting the chickens. They have not hatched. Yeah, it sounds like these are some brand new waters for many small business owners in BC, right across the country to navigate. Jen Riley, very much appreciate your insight. The President and CEO of the BC Chamber of Commerce. Thank you very much. Thanks for having me.