The recent issues brought about by President Trump’s trade maneuvers have been felt by all of Canada, with currency exchange firms like Knightsbridge FX, lowering their expectations for the loonie, while businesses are bracing themselves for the effects.
One local business in Nova Scotia company has decided to make a stand; Atlantic Photo Supply. The company won’t be offering currency exchange on the USD anymore, thanks to Trump’s recent tariffs on imports.Owner Allen Sutherland says that the trade spat will be felt by his company, thanks to the fact that some of his wares can only be acquired in the US.
Outside of its Dartmouth store stands a sign that says “Forget Trump, Shop Canadian”. Sutherland says that he wants the sign to encourage Canadians to shop Canadians and use the loonie as much as they can. According to him, if people shop Canadian, they don’t have to worry so much about what’s going on with the US.
Back in March, Trump put up a 25% tariff on steel imports, alongside a 10% tariff on aluminum imports. As a result, Canada and its many currency exchange firms like Knightsbridge FX, have been closely monitoring the developments happening in the US, thanks to the fact that their neighbor down south is one of the top sellers of steel and aluminum to the world’s largest economy. Back in 2017, the US imported a whopping 26.9 million tonnes of steel, with 16% coming from Canada.
Sutherland believes that buying Canadian is possible, despite all the difficulties associated with it, thanks to the fact that international trade is heavily integrated. He admits that it will be tough, but if people are considering how to spend, they could consider Canadian first.
He’s gotten some flak for the policy, and he’s uncertain whether or not the sign will have an impact on the business itself, but maybe it can encourage consumers. He’s not expecting a local movement like his would alter the US’s direction, but he hopes that Canada might look to it. He says it’s not about party politics, it’s about supporting the Canadian economy and its businesses.