A Richmond plywood manufacturer is facing uncertainty as the deadline approaches for potential new tariffs that could severely impact his business. Canada-U.S. Trade Minister Dominic LeBlanc recently met with U.S. Trade Representative Jamieson Greer and U.S. Commerce Secretary Howard Lutnick. Officials are under pressure to secure a new trade deal before Wednesday, when a new 50 percent tariff is set to take effect. This impending duty will affect approximately $28 billion worth of Canadian exports, which includes 20 percent of sales from Richmond Plywood, known for its high-end products.

Bhavjit Thandi, the CFO of Richmond Plywood, expressed grave concerns about the potential tariffs. He stated that a 50 percent tariff is not something the company can absorb, nor is it likely that U.S. customers would be willing to pay the additional costs.

Meanwhile, Prime Minister Mark Carney, who was in Newfoundland recently, indicated that he plans to speak with U.S. President Donald Trump ahead of Wednesday’s deadline. While he offered few details, Carney mentioned that there would be opportunities to discuss the negotiations in more depth as the deadline approaches.

On the provincial level, the B.C. government, led by Premier David Eby, is also keeping a close watch on the trade discussions, although they are not providing extensive commentary. Eby noted the province’s vulnerability, estimating that British Columbia holds about 13 percent of the U.S. share of exports that could be affected. This figure is slightly higher than estimates for Ontario and Quebec.

Despite the pressing situation, Eby has refrained from making concessions, such as allowing U.S. alcohol back onto B.C. shelves without obtaining tariff relief for key industries like forestry. Sources suggest that U.S. negotiators have shown little interest in discussing the softwood lumber sector, despite its significance to the Canadian economy. Eby emphasized that the softwood lumber industry is critical, being larger than the auto parts and steel sectors combined in terms of economic impact.

Source: ssbcrack.com