Tariffs: How to Turn Chaos into Opportunities

As Winston Churchill would say, “Never let a good crisis go to waste.”

This is not to suggest that the current crisis is good news. However, why not learn from the past, particularly from John F. Kennedy, who saw a well-managed crisis as an opportunity for improvement. This leads me to ask: “In Canada, can we leverage our strengths to turn this crisis into a real opportunity?”

1- Continue Our Relationship With the American People

Since January 2025, economic decisions and announcements coming from the United States, particularly regarding tariffs, have been setting a rapid pace for our lives and profoundly influencing our trade relations. Although we are challenging them in several ways, we must also find new ways to maintain our business relationships with our American clients and partners during these times of economic uncertainty.

In the context of trade relations and partnerships with our American clients, it is crucial to differentiate between political decisions made by the American government and the actual intentions and needs of American businesses.

During a recent economic mission we organized in Plattsburgh, in the State of New York, we witnessed great friendship from our American neighbours as well as a desire to maintain and strengthen our relationships. Let us avoid generalizing the situation and focus instead on collaboration and mutual understanding. This is how we will find win-win solutions and build lasting business relationships.

2- Partnership with Europe

Thanks to visionary leaders committed to opening markets beyond our natural economic partnership with the United States, we have established trade agreements that open markets for Canadian businesses and make Canada a gateway to the American continent.

The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) project between Canada and the European Union (EU) was initiated by our partner, Jean Charest, in 2002, when he was Premier of the province of Quebec.

CETA provides Canadian businesses with preferential access to the EU market and excellent growth opportunities in this region.

More and more international businesses are investing in Canada, thanks to our highly skilled workforce, abundant natural resources, and preferential access to markets worldwide. 

CETA also allows EU companies operating in Canada to benefit from guaranteed preferential access to both EU and North American markets. Unlike other major countries on the American continent where the EU invests, such as the United States, Mexico, and Brazil, Canada has signed investment treaties with all 27 EU member states. In fact, Canada is the only one to have done so.

While tariffs impact our economy, the announcements of April 2, 2025, give a competitive advantage to businesses located in Canada who continue to benefit from the terms of the Canada-United States-Mexico Agreement (CUSMA), as their products currently remain exempt from tariffs.

We should broaden our vision, look towards alternative markets and become a welcoming ground for international businesses seeking to do the same.

3- Window on the World

Other countries are eager for economic partnership.

The United Arab Emirates and Canada maintain an increasingly strong relationship focused on societal prosperity, strengthening regional and global security, contributing to economic and social development in third countries, as well as empowering women and girls, and strengthening interpersonal relationships. 

Many of our clients also maintain strong relationships with businesses in India, China and various regions of Africa.

These relationships, though more distant, also deserve our special attention! During this time of crisis, we must display leadership and highlight these opportunities for our clients and partners.

Through its commitment to the Quebec business community, TCJ will organize economic missions to France and the United Arab Emirates to offer its partners opportunities to discover or better leverage these markets.

4- Canadian Unity and Interprovincial Trade

We rarely hear about Canadian patriotism! Now, Canadian patriotism is manifest like never before across the country.

From the speeches of our political leaders, which changed dramatically during this election campaign, to the passion stirred by Canada’s victory at the Four Nations Cup organized by the National Hockey League, I have a deep feeling that many of us are proud to be Canadian, even though we remain deeply attached to our culture and our language.

This renewed patriotism should be the springboard for opening up our interprovincial trade. It is time to bring our Canadian advantage back to the forefront and fully dedicate ourselves to developing relationships between provinces. 

As our partner Jean Charest often says, we will one day thank Mr.  Trump for this wake-up call. Now, it is up to us to take action and seize the opportunities created by this crisis!

I have teenagers at home and I occasionally give them this little piece of advice that could serve as an analogy: When our best friend is going through an identity crisis, we need to be there to support and help them. But we can take this opportunity to rediscover that our circle of acquaintances is full of relationships to strengthen and solid, lasting friendships to develop!