{"id":93678,"date":"2025-04-25T09:48:00","date_gmt":"2025-04-25T13:48:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=93678"},"modified":"2025-05-15T09:34:48","modified_gmt":"2025-05-15T13:34:48","slug":"tariffs-faq-top-questions-asked-by-canadian-businesses","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/tariffs-faq-top-questions-asked-by-canadian-businesses\/","title":{"rendered":"Tariffs FAQ: Top Questions Asked by Canadian Businesses"},"content":{"rendered":"\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>A tariff is a tax imposed by a government on imported goods. When additional tariffs are applied, they raise the cost of those goods for buyers in the country imposing them.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Tariffs can affect your cost of doing business, competitive advantage, profits and sales.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>There are ways to mitigate the effects of tariffs, including business strategies and government support.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>There are many resources available to help you learn more about tariffs, calculate tariffs on goods you export and keep you up to date on the trade landscape.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Wondering how tariffs might affect your business? Scan this FAQ to get quick answers to common questions asked by small and medium-sized businesses \u2013 from direct and indirect effects to solutions that could offset increased costs or ease bottlenecks.<\/p>\n\n\n\n<p>Tariffs are all over the news these days \u2013 but they\u2019re nothing new. In fact, even before there was income tax, tariffs were a major source of income for countries. From North America to Europe, Asia to South America, countries around the world regularly use tariffs to manage trade relationships or as a tool to manoeuvre geopolitical situations.<\/p>\n\n\n\n<p>As the year unfolds, new and significant tariffs have been directed at several countries \u2013 and Canada finds itself on the front lines. As such, it\u2019s more important than ever to understand how tariffs work, the implications of short- and long- term tariffs, and the strategies Canadian businesses can implement to successfully navigate a new world in 2025.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-general-faqs-about-tariffs\">General FAQs about tariffs<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-are-tariffs\">What are tariffs?<\/h3>\n\n\n\n<p>Tariffs are taxes a government places on certain imported products. As goods enter a country, they are classified by customs. Some goods have a government-mandated tariff added to the cost that the buyer must pay before the goods are released at point-of-entry (for example a retailer buying inventory or a manufacturer securing parts to make their products).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-do-tariffs-affect-the-cost-of-goods\">How do tariffs affect the cost of goods?<\/h3>\n\n\n\n<p>Tariffs are paid by the business or broker buying the imported goods. As the addition of tariffs makes the product more expensive for the buyer, they have two choices: they can either absorb their increased cost or pass on the higher price to their customers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-can-tariffs-affect-supply-chains\">How can tariffs affect supply chains?<\/h3>\n\n\n\n<p>If a business imports products, materials, ingredients or other components from a country subject to tariffs, it will face increased costs. If the supply chain spans multiple countries, additional expenses could surface at various points, along with potential disruptions \u2013 especially if suppliers refuse to pay tariffs or if they switch to alternative sources that end up extending delivery times.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-are-retaliatory-tariffs\">What are retaliatory tariffs?<\/h3>\n\n\n\n<p>Retaliatory tariffs are trade measures a country puts in place in direct response to tariffs placed on its exports by another country. Essentially, it\u2019s a strategy designed to apply pressure to the original country and signal that the tariffs aren\u2019t going to be ignored by the affected country.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-tariffs-affect-businesses-directly\">How tariffs affect businesses directly<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-will-tariffs-affect-my-business-today\">How will tariffs affect my business today?<\/h3>\n\n\n\n<table class=\"table-stack wp-block-rbc-stackable-table-block col-stack\"><tbody><tr><td><strong>If you export to a country that has imposed a new tariff:<\/strong><\/td><td><\/td><\/tr><tr><td>Your products will become more expensive for your customers. This could mean you will become less competitive in the market:<\/td><td><\/td><\/tr><tr><td>Demand may soften \u2013 especially if customers in the tariffs-originating country can find a similar product for less<\/td><td><\/td><\/tr><tr><td>Profit margins may need to be cut<\/td><td><\/td><\/tr><tr><td>Cost cutting measures may be necessary to offset your decreased sales<\/td><td><\/td><\/tr><tr><td>You may consider lowering your price to offset the added costs to your customer<\/td><td><\/td><\/tr><\/tbody><\/table>\n\n\n\n<p><\/p>\n\n\n\n<table class=\"table-stack wp-block-rbc-stackable-table-block col-stack\"><tbody><tr><td><strong>If you import:<\/strong><\/td><td><\/td><\/tr><tr><td>Retaliation tariffs may likely occur. As the prices you pay for international goods rise, your margins may take a hit:<\/td><td><\/td><\/tr><tr><td>Owners may be forced to substitute goods and inputs locally or another country<\/td><td><\/td><\/tr><tr><td>Profit margins may tighten if businesses absorb price increases<\/td><td><\/td><\/tr><tr><td>Goods imported via an intricate supply chain may need to be reevaluated. For example, if you purchase goods from China or Mexico that transit through the U.S.<\/td><td><\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-do-i-know-if-i-need-to-pay-a-tariff-when-i-import-goods-or-if-my-customers-will-have-to-pay-a-tariff-on-my-goods-when-i-ship-to-another-country\">How do I know if I need to pay a tariff when I import goods or if my customers will have to pay a tariff on my goods when I ship to another country?<\/h3>\n\n\n\n<p>The <a href=\"https:\/\/international.canada.ca\/en\/services\/business\/trade\/tariffs-regulations\" data-dig-id=\"LP-93678-951f0a54\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Government of Canada website\" class=\"rbc-link-format\">Government of Canada website<\/a> provides details about tariffs, as well as rules and regulations<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-are-the-long-term-implications-of-tariffs-for-my-business\">What are the long-term implications of tariffs for my business?<\/h3>\n\n\n\n<p>It\u2019s difficult to assess the long-term impact of tariffs without knowing how long they may last and whether the scale will change with time. However, tariffs are likely to increase the cost of doing business across sectors in Canada, which may affect your profits, workforce and inventory management, among other things. Understanding how to mitigate the effects of tariffs can help you strengthen your business and build resilience in a shifting trade environment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-can-tariffs-affect-my-competitive-advantage\">Can tariffs affect my competitive advantage?<\/h3>\n\n\n\n<p>Tariffs can affect your competitiveness both domestically and internationally. With a distinct \u201cbuy Canadian\u201d movement, domestic buyers may be more inclined to buy from you to support Canadian businesses. When it comes to sales to the U.S., on the other hand, American buyers may turn to comparable U.S.-based sellers if the price of your products rises with the tariffs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-tariffs-affect-the-canadian-economy\">How tariffs affect the Canadian Economy<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-can-tariffs-affect-the-canadian-dollar-what-effect-could-this-have-on-my-business\">Can tariffs affect the Canadian dollar? What effect could this have on my business?<\/h3>\n\n\n\n<p>Tariffs can affect the Canadian dollar in a few ways. For one, if Canadian goods become more expensive to buyers in other countries, demand for Canadian exports may drop, which could weaken the demand for the Canadian dollar. What\u2019s more, economic uncertainty accompanying the new tariffs may discourage foreign investment in Canada \u2013 again, this can weaken the dollar.&nbsp;<\/p>\n\n\n\n<p>3 min read: <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/how-a-weak-canadian-dollar-could-impact-businesses-and-investors\/\" data-dig-id=\"LP-93678-bc0c6023\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"How a Weak Canadian Dollar Could Impact Businesses and Investors.\" class=\"rbc-link-format\">How a Weak Canadian Dollar Could Impact Businesses and Investors.<\/a><\/p>\n\n\n\n<p>As a business owner, a weaker Canadian dollar can affect your purchasing power if you buy goods, materials or equipment in foreign currencies. On the flip side, if you sell products internationally, a weaker dollar could make your goods more competitive to global buyers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-tariffs-affect-businesses-indirectly\">How tariffs affect businesses indirectly<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-i-don-t-purchase-goods-internationally-will-i-be-affected-by-tariffs\">I don\u2019t purchase goods internationally. Will I be affected by tariffs?<\/h3>\n\n\n\n<p>Yes, even if you don\u2019t buy goods from other countries, you could still feel the impact of tariffs. Here are a few reasons why:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>If your suppliers import materials that are subject to tariffs, they could pass those extra costs onto you<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If tariffs drive up prices on other things, Canadian consumers may cut back on spending, which could affect your sales<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>If you compete with businesses that import goods that are subject to tariffs, you could gain a competitive advantage if they raise their prices<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-can-tariffs-affect-my-overall-financial-position\">How can tariffs affect my overall financial position?<\/h3>\n\n\n\n<p>If tariffs start to cut into your profits, you might find yourself relying on personal savings to manage cash flow or cover shortfalls. Your personal investments could also be affected, depending on how they&#8217;re allocated. It\u2019s a good idea to speak with your financial advisor to make sure your portfolio is well-diversified and to consider any adjustments that could help reduce your exposure to market uncertainty.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-businesses-can-do-to-reduce-the-impact-of-tariffs\">What businesses can do to reduce the impact of tariffs<\/h2>\n\n\n\n<p>5 min read: <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-planning\/u-s-tariffs-whats-next-5-ways-small-and-medium-sized-canadian-businesses-can-navigate-uncertainty\/\" data-dig-id=\"LP-93678-cef6f1b6\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"U.S. Tariffs: What\u2019s Next? 5 Ways Small and Medium-Sized Canadian Businesses Can Navigate Uncertainty.\" class=\"rbc-link-format\">U.S. Tariffs: What\u2019s Next? 5 Ways Small and Medium-Sized Canadian Businesses Can Navigate Uncertainty.<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-are-there-any-assistance-programs-to-help-small-and-medium-sized-businesses-in-the-face-of-u-s-tariffs\">Are there any assistance programs to help small- and medium-sized businesses in the face of U.S. tariffs?<\/h3>\n\n\n\n<p>Yes, there are government programs and measures in place to support Canadian businesses. Learn about <a href=\"https:\/\/www.canada.ca\/en\/department-finance\/news\/2025\/03\/fighting-for-canadian-workers-and-businesses.html\" data-dig-id=\"LP-93678-c84367c5\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"the initiatives the Government of Canada is introducing\" class=\"rbc-link-format\">the initiatives the Government of Canada is introducing<\/a> to ensure businesses have the liquidity needed during this challenging time.<\/p>\n\n\n\n<p>5 min read: <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/5-ways-your-business-can-respond-to-shifts-in-the-u-s-canada-trade-landscape\/\" data-dig-id=\"LP-93678-ea95d28c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"5 Ways Your Business Can Respond to Shifts in the U.S.-Canada Trade Landscape.\" class=\"rbc-link-format\">5 Ways Your Business Can Respond to Shifts in the U.S.-Canada Trade Landscape.<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-do-i-mitigate-the-risks-associated-with-tariffs\">How do I mitigate the risks associated with tariffs?<\/h3>\n\n\n\n<p>There are several strategies Canadian business owners can leverage to reduce the impact of tariffs. These include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Diversifying your suppliers<\/strong>: If supplier costs are rising, look for alternate relationships that aren\u2019t subject to tariffs. Domestic suppliers can also mitigate foreign currency concerns.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Exploring alternate markets<\/strong>: While it may be impossible to replace the U.S. as a customer, look into ways to enter other markets that can help you diversify your sales.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/small-business\/marketing-to-customers\/\" data-dig-id=\"LP-93678-c13b8050\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Reaching new audiences:\" class=\"rbc-link-format\">Reaching new audiences:<\/a> Consider adjusting product features to appeal to a new audience and initiate marketing programs to reach them.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-financing-and-funding\/thinking-of-increasing-prices-to-boost-your-business-bottom-line-ask-yourself-3-questions\/?msockid=0fa142b97e7a63c708fe50de7fe36280\" data-dig-id=\"LP-93678-259ae434\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Revisiting your pricing:\" class=\"rbc-link-format\">Revisiting your pricing:<\/a> Do a market analysis and determine if it makes sense to raise your prices to offset increased costs and a weaker Canadian dollar.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-where-can-i-learn-more-about-tariffs-and-trade-policies\">Where can I learn more about tariffs and trade policies?<\/h3>\n\n\n\n<p>The information available on tariffs is becoming extensive. Government trade agencies, industry associations and legal consultants can all provide guidance on navigating tariff-related issues. These sites can also help you stay informed about changes as they happen.<\/p>\n\n\n\n<p>Here are some sites worth exploring:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The <a href=\"https:\/\/thoughtleadership.rbc.com\/trade-hub-insights-on-how-canada-can-build-a-resilient-economy-and-fortify-north-america\/\" data-dig-id=\"LP-93678-83c4149d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Trade Hub\" class=\"rbc-link-format\">RBC Trade Hub<\/a> aims to highlight opportunities for Canadian businesses in the current trade climate<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/thoughtleadership.rbc.com\/economics\/\" data-dig-id=\"LP-93678-131bbdac\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Economics\" class=\"rbc-link-format\">RBC Economics<\/a> provides a macro-view on today\u2019s environment (site regularly updated)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The <a href=\"https:\/\/www.cfib-fcei.ca\/hubfs\/lp\/us-tariffs\/2025-03-supporting-canadians-businesses-en.pdf\" data-dig-id=\"LP-93678-bc14d2ef\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canadian Federation of Independent Business (CFIB)\" class=\"rbc-link-format pdf-link\" data-icon-class=\"pdf-link\">Canadian Federation of Independent Business (CFIB)<\/a> outlines the impacts of tariffs on Canadian businesses and the programs available to support<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The <a href=\"https:\/\/international.canada.ca\/en\/services\/business\/trade\/tariffs-regulations\" data-dig-id=\"LP-93678-3e785800\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Government of Canada website\" class=\"rbc-link-format\">Government of Canada website<\/a> provides details about tariffs, as well as rules and regulations<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-could-your-business-be-affected\">How could your business be affected?<\/h2>\n\n\n\n<p>Choose your industry below to better understand the effects of tariffs on your business.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion accordion\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title61b92b76\" class=\"collapse-toggle collapsed\" data-target=\"#accordion61b92b76\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-93678-61b92b76\" aria-controls=\"accordion61b92b76\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"I\u2019m a retail business owner\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>I\u2019m a retail business owner<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion61b92b76\" role=\"region\" aria-labelledby=\"accordion-title61b92b76\"><div class=\"collapse-inner\">\n<p>As a retailer, tariffs can affect you in several ways:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Increased costs<\/strong>: If you import products, retaliatory tariffs can raise the cost of those goods. To offset, you may need to raise your prices or absorb the costs, which could eat into your profits.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Supply chain disruptions<\/strong>: You may experience delays in shipping, affecting your inventory.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Reduced sales<\/strong>: If consumers feel the pinch in other areas due to tariffs, they may cut back on spending on retail.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Competitive landscape<\/strong>: As a Canadian-based business, you may see a boost if consumers choose to buy domestic versus through U.S.-based stores.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Ways to mitigate the effects of tariffs:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Diversify your suppliers<\/strong>: If supplier costs are rising, look for alternate relationships that aren\u2019t subject to tariffs. Domestic suppliers can also mitigate foreign currency concerns.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Explore alternate markets<\/strong>: While it may be impossible to replace the U.S. as a customer, look into ways to enter other markets that can help you diversify your sales.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Look into new audiences<\/strong>: Consider adjusting product features to appeal to a new audience and initiate new marketing programs to reach them. <\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Revisit your pricing<\/strong>: Do a market analysis and determine if it makes sense to raise your prices to offset increased costs and a weaker Canadian dollar.<\/p>\n<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlea4340303\" class=\"collapse-toggle collapsed\" data-target=\"#accordiona4340303\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-93678-a4340303\" aria-controls=\"accordiona4340303\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"I run an e-commerce business and sell online around the world\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>I run an e-commerce business and sell online around the world<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordiona4340303\" role=\"region\" aria-labelledby=\"accordion-titlea4340303\"><div class=\"collapse-inner\">\n<p>As a business selling internationally, you\u2019ll want to understand if and how your products will be affected by tariffs. Here are ways to find out:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Identify the Harmonized System (HS) codes for your products<\/strong>. These six-digit codes classify products that are internationally traded and serve as the foundation for tariff classifications worldwide. If you don\u2019t know the HS codes for your products, the<a href=\"https:\/\/www.wcotradetools.org\/en\/harmonized-system\" data-dig-id=\"LP-93678-7c65313d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\" World Customs Organization (WCO) website\" class=\"rbc-link-format\"> World Customs Organization (WCO) website<\/a> lets you search your product and provides the HS codes.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Check the tariff rates for the country you\u2019re shipping to<\/strong>. For the U.S., this is the <a href=\"https:\/\/hts.usitc.gov.\" data-dig-id=\"LP-93678-69ea4d44\" data-dig-label=\"site.\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">site.<\/a> <\/p>\n\n\n\n<p>Note, however, that this site only helps you find the&nbsp;base tariff rate&nbsp;under normal trade relations (like USMCA). To determine if your product is affected by extra tariffs, it\u2019s best to stay informed, particularly as the tariff situation between Canada and the U.S. is shifting. The <a href=\"https:\/\/www.canada.ca\/en\/department-finance\/programs\/international-trade-finance-policy\/canadas-response-us-tariffs.html\" data-dig-id=\"LP-93678-ec6f6e45\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Government of Canada website\" class=\"rbc-link-format\">Government of Canada website<\/a> provides the latest updates.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Use apps or software tools<\/strong>. If you currently sell through Shopify, for instance, there is built-in support for U.S. shipping and customs document. Further, apps like&nbsp;Zonos,&nbsp;Easyship, or&nbsp;DHL Express Rates&nbsp;can calculate duties\/taxes and help classify products.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Ways to mitigate the effects of tariffs:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Diversify your suppliers<\/strong>: If supplier costs are rising, look for alternate relationships that aren\u2019t subject to tariffs. Domestic suppliers can also mitigate foreign currency concerns.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Explore alternate markets<\/strong>: While it may be impossible to replace the U.S. as a customer, look into ways to enter other markets that can help you diversify your sales.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Look into new audiences<\/strong>: Consider adjusting product features to appeal to a new audience and initiate new marketing programs to reach them<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Revisit your pricing<\/strong>: Do a market analysis and determine if it makes sense to raise your prices to offset increased costs and a weaker Canadian dollar.<\/p>\n<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title9f00b791\" class=\"collapse-toggle collapsed\" data-target=\"#accordion9f00b791\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-93678-9f00b791\" aria-controls=\"accordion9f00b791\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"I\u2019m a farmer\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>I\u2019m a farmer<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion9f00b791\" role=\"region\" aria-labelledby=\"accordion-title9f00b791\"><div class=\"collapse-inner\">\n<p>Recent tariffs will have a meaningful implication for Canadian farmers. Here\u2019s how:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The 25% tariff on Canadian imports includes agricultural products, making Canadian goods more expensive in the U.S. market. This could potentially decrease demand for Canadian products.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Canada\u2019s retaliatory tariffs may lead to increased costs for farmers who rely on U.S. inputs or equipment. Fertilizers, for instance, have become more expensive due to tariffs and supply chain disruptions.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>China&#8217;s retaliatory tariffs on canola oil, canola meal, and peas, as well as pork and seafood could lead to reduced profits and potential losses.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Possible solutions:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Explore ways to diversify your markets<\/strong>. This may include domestic buyers, or other export markets around the world.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Seek support<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list checkmark-icon is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Through the Trade Disruption Customer Support program, Farm Credit Canada (FCC) will provide relief for viable customers and non-customers in the agriculture and food sectors who meet the necessary lending criteria. This includes access to an additional credit line up to $500,000 and new term loans. Current FCC customers have the option to defer principal payments for up to 12 months on existing loans.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Speak with your RBC advisor about available support and guidance that can help you navigate this time. 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