TORONTO, Feb. 6, 2025 /CNW/ - In response to potential tariffs and shifting trade dynamics, PwC Canada has responded quickly to help support Canadian businesses by launching its Tariffs and Trade Policy Resource Centre. This comprehensive platform is designed to help organizations navigate the complexities of evolving trade relations and tariff policies with agility and expertise.
With the potential imposition of a 25% tariff on Canadian products and a 10% tariff on energy resource products, Canadian businesses will face significant economic challenges. If implemented, these tariffs are estimated to result in approximately $86 billion in annual tariffs, impacting key industries such as motor vehicle and aerospace products, metal manufacturing materials, chemicals, food items, agricultural products, crude oil, and natural gas.
"A high level of uncertainty remains, regardless of the momentary pause on tariff implementation. As a country, we must act now to remove intra-provincial trade barriers, accelerate the adoption of AI and other disruptive technologies, and overall, make Canada a more investment friendly country," said Nicolas Marcoux, CEO of PwC Canada. "As for Canadian business leaders, this is a crucial time to assess impacts of the potential tariffs on their businesses, develop mitigation strategies and collaborate with each other."
PwC Canada's Tariffs and Trade Policy Resource Centre features a proprietary Tariff Impact Assessment (TIA) tool, which can quantify the exact dollar exposure of potential tariffs, specific to an organization as part of a comprehensive scenario analysis, uncovering hidden risks and opportunities.
Additionally, this platform also provides businesses with the tools and insights needed to swiftly assess and manage the impact of these tariffs.
Key features include:
- Conduct comprehensive scenario analysis and strategic planning: Performing a comprehensive assessment helps illuminate the full impact of tariffs and other trade actions on Canadian businesses. This helps companies develop a holistic strategy that encompasses supply chains, trade and customs, regulations and tax. A scenario analysis helps companies pinpoint their risks and opportunities, informing the development of an effective strategy to address those areas.
- Develop trade and customs mitigation plans: Examine potential options, key suppliers and customers, contracts and potential exclusions to address trade and customs challenges.
- Analyze supply chain data: Review dependencies and use the information for potential supplier negotiations, sourcing, manufacturing and stockpiling decisions.
- Assess and adjust tax strategies: Evaluate transfer pricing policies and transactional characterizations while considering the overall income tax impacts and opportunities of supply chain decisions, including the mix of income, tax attributes and incentives.
For more information on how PwC is geared to help Canadians navigate this evolving landscape, please visit the PwC Tariffs and Trade Policy Resource Centre.
About PwC Canada
At PwC Canada, our purpose is to build trust in society and solve important problems. More than 6,500 partners and staff in offices across the country are committed to delivering quality in assurance, tax, consulting and deals services. PwC Canada is a member of the PwC network of firms with more than 370,000 people in 149 countries. Find out more by visiting us at: www.pwc.com/ca.html.
SOURCE PwC Management Services LP
For media inquiries please contact: Anuja Kale-Agarwal, National Communications Director, PwC Canada, [email protected]
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