Business as usual, but cross-border trade difficulties offer opportunities for Canadian companies to diversify international dealings
Trade tensions between Canada and the United States are not stopping Canadian mining companies from looking south for business opportunities, but they are also looking at markets abroad.
The third annual Northern Ontario Exports Forum in Sudbury on June 27 saw around 200 delegates gather to discuss markets abroad, including Africa, Latin America, Mexico and Europe.
Even though heavy tariffs are being imposed on Canada by the U.S., particularly on steel and aluminium imports, many delegates and speakers said they were concerned, but business is going ahead.
“In terms of the supply and service sector, we are not seeing it,” said Alicia Woods, emcee for the event and general manager of Marcotte Mining Machinery Services and founder of Covergalls Workwear in Sudbury.
“Speaking as an OEM, (original equipment manufacturers), we are going to see increased prices that we procure to build our equipment, because of those big tariffs.”
It’s largely a wait-and-see game right now, but with tariffs of 25 per cent for steel alone, Woods said they are preparing for the domino effect of higher prices and costs for products.