A Richmond plywood manufacturer is worried about the impact of new U.S. tariffs that could take effect Wednesday.
Canada-U.S. Trade Minister Dominic LeBlanc met with U.S. officials Monday as both sides worked to reach a trade deal before the deadline.
The new 50 per cent tariffs would affect about $28 billion worth of Canadian exports, including about 20 per cent of Richmond Plywood’s sales.
“A 50 per cent tariff is not a margin we can absorb, nor is it something U.S. customers will be willing to pay,” said Richmond Plywood CFO Bhavjit Thandi.
Prime Minister Mark Carney said he expects to speak with U.S. President Donald Trump before the deadline but provided few details about the talks.
B.C. could be hit hard if the tariffs take effect. Economist Brian Yu of Central 1 Credit Union estimates about 13 per cent of the province’s exports to the U.S. would be affected.
Premier David Eby has called for the forestry sector to be a priority in the negotiations, but softwood lumber has reportedly not been a major focus of the U.S. talks.
Businesses are now waiting to see whether the tariffs will be delayed, cancelled or take effect Wednesday.
