If you have plans to make big purchases this year, you may want to accelerate your time to get ahead of possible price hikes due to the trade war.
While car makers have been granted more time before those tariffs hit them, other industries are left in limbo.
Stalwart Appliances owner Harold Kriewald said he’s uncertain and nervous. None of the products he carries are made in Canada.
“We have many clients who are calling us going, ‘What should I do? What should I do?’ and unfortunately, I have to be very obtuse and go, ‘I don’t know what you can do’ because I don’t have any answers,” said Kriewald.
American-made household appliances brought into Canada could be hit with retaliatory tariffs. They’re made with steel and aluminum, which will be subject to tariffs.
“A lot of the manufacturers probably have stockpiled some aluminum and steel to help mitigate it for some time, but inevitably it’ll raise prices.”
If the trade war goes on, higher prices could be a reality on used car lots too.
A one-month delay was granted to the automotive industry by the U.S. government on Wednesday after President Donald Trump met with General Motors, Stellantis, and Ford.
Myles Bennett, the general sales manager at Nott Autocorp, said it’s business as usual for now, but he’s keeping an eye on the tariffs for new cars.
“I do what I can to keep up because obviously, if that does happen, it will have a huge impact on our businesses,” said Bennett.
Chuck Davidson, the president and CEO of Manitoba Chambers of Commerce, said businesses need to make tough decisions in weeks, not months.
“We need to find a solution so that we can end this war that makes absolutely no sense to anyone on either side of the border and is going to have a negative impact on consumers on both sides,” said Davidson.
As for the used cars, Bennett said the 100 on the lot right now will be price protected.
“Those prices aren’t going to change. Our costs will be the same, so we’ll be able to sell these cars competitively.”
