August 21, 2025
RED FM News Desk
According to a new report from the Canadian Federation of Independent Business (CFIB), one in five Canadian businesses may not survive the next six months, with tariffs being a primary factor.
Canadian business owners are increasingly concerned that the situation could worsen if the U.S.-imposed trade war does not end soon. New data from the CFIB shows that small businesses, especially in B.C., are being hit the hardest.
Ryan Mitton, the director of Legislative Affairs at the CFIB in B.C., stated that “two-thirds of B.C. businesses import or export directly to the United States, and when you look at those who do so indirectly, that number jumps to 80% of all businesses exposed to trade with the United States. So, that’s a huge number.”
He added that the situation appears even more severe for heavily impacted industries like steel and lumber. “We also heard that one-third of B.C. businesses have been affected by steel tariffs and one in five by softwood lumber tariffs. This is the highest rate among all Canadian provinces, as we have a very forest-dependent industry here in B.C.,” he said.
Across the country, one in five small business owners believe they will have to close their doors within six months. They attribute this to the trade war, along with lower revenues, higher costs, and supply chain disruptions.
Meanwhile, Foreign Affairs Minister Anita Anand is scheduled to have her first official meeting with U.S. Secretary of State Marco Rubio in Washington, D.C., today.
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