Peterborough Blogs
Voice of Business: The Uncertain Future: A Look Into the Implications of U.S Tariffs and a Looming Election
/
Recent months have seen a turbulent political climate in Canada and challenges in the relationship with the U.S.
This week's VOB explores the implications of proposed tariffs on Canadians and Canadian businesses, the historical context of similar situations and the potential economic fallout of this looming issue.
In November 2024, President-Elect Donald Trump announced his intent to impose a 25 per cent tariff on all goods from Canada and Mexico unless both countries address issues related to drug and migrant flows across the border. In response, Canada pledged $1.3 billion in new spending for border security although legislative action on this plan is stalled due to Parliament’s prorogation until March 24, leaving key details in limbo.
The potential consequences of these tariffs are evident. Experts estimate that Canada’s GDP could decrease by more than 2.4 per cent, contributing to significant inflationary pressures and the loss of as many as 1.5 million jobs. The impact wouldn’t be isolated to Canada—the U.S. is also projected to see a 1 per cent reduction in its GDP if these measures proceed. These tariffs would affect manufacturers, employers, and consumers alike, creating widespread disruption and economic strain.
This is not Canada’s first experience with Trump-era tariffs. In 2018, he imposed a 25 per cent tariff on steel and 10 per cent on aluminum products. Canada responded with its own $16 billion in tariffs on U.S. goods before both nations reached an agreement in 2019. A similar cycle repeated in 2020 with the introduction of additional 10 per cent tariffs by the U.S., countered by Canada. Prime Minister Justin Trudeau has signalled that Canada will implement countermeasures if the proposed January 2025 tariffs go into effect.
The automotive sector, which sources 20 per cent of its inputs from the U.S., is one of the industries most vulnerable to cost increases. Other affected sectors include energy, chemical and plastic manufacturing, forestry products, and machinery—all susceptible to supply chain disruptions and rising costs. Small and medium-sized businesses, which account for 40 per cent of Canada’s exports to the U.S., would face similar challenges, with tighter margins and declining sales potentially leading to widespread job losses. In Ontario alone, the potential toll could reach 500,000 jobs.
In preparation, the Canadian government is considering retaliatory tariffs, targeting products such as toilet paper and orange juice, although specific measures remain under development. This situation, experts suggest, is part of Trump’s broader negotiation strategy—a high-pressure tactic aimed at achieving stricter border security measures by leveraging extreme demands.
While the federal government’s response is on hold due to Parliament’s prorogation, several provinces have proactively bolstered border security resources. For businesses, preparing for the potential tariffs is vital. Andrea Schaffer, an expert in international trade, recommends business conduct a “thorough supply chain assessment to identify risks, planning for both 10 per cent and 25 per cent tariff scenarios, building six months of cash reserves, and renegotiating contracts to include tariff provisions and limit financial exposure.”
Though businesses can take steps to mitigate the potential impacts, support from all levels of government will be critical in navigating the challenges ahead. The uncertainty surrounding these tariffs underscores the importance of proactive planning and coordinated action to protect the economy and the workforce from their far-reaching effects.
Content provided by the Peterborough and the Kawarthas Chamber of Commerce.
Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.
$100,000 Available For Projects Supporting Economic Growth Through Community Futures Peterborough's Advancement Program
/Community Futures Peterborough (CFP) is doubling the funding to $100,000 through its Community Advancement Program (CAP) for projects supporting economic growth, announced at the Art Gallery of Peterborough on Tuesday morning.
Girard addresses the public on CFP’s 40th anniversary at the Art Gallery of Peterborough with several dignitaries in attendance. Photo courtesy of Community Futures Peterborough.
The money came from the federal government through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The CAP will distribute an astonishing $100,000 to our region's not-for-profits, charities, municipalities and First Nation communities, a doubling from when it was first launched last year.
“Our organization is committed to advancing our local economy forward and is thrilled to be able to distribute $100,000 back into our community this year,” said Devon Girard, CFP executive director. “We fully understand and recognize the impact these dollars can make to create real change.”
The extra funding is part of CFP’s 40th anniversary where the City recognized the organization’s milestone.
“Building on a successful first year, the Community Advancement Program now offers even more support for businesses, non-profits and other eligible organizations to invest in the Peterborough region,” said Mayor Jeff Leal.
“Providing stability, building trust, and fostering a strong reputation in our region are all at the core of what we do at Community Futures Peterborough,” said Wayne Harding, CPF board of directors chair. “It's about giving back and demonstrating unwavering commitment to our community.”
The Community Advancement Program will provide 10 chosen applicants with non-repayable funding of $10,000 for their project.
Applications for the CAP program and full program guidelines are available on the Community Futures Peterborough website. The deadline to apply is March 7. All applicants will be notified by April 1 of the result of their application.
Engage with us on social media on Twitter, Instagram, Facebook, Tiktok, Youtube and LinkedIn. Write to us at tips@ptbocanada.com. Sign up for our newsletter here.
JA-NEO Announces Kawartha Lakes 2025 Business Hall of Fame Inductees
/Junior Achievement of Northern and Eastern Ontario (JA-NEO) has named its inductees for the Kawartha Lakers 2025 JA Business Hall of Fame at Launch Kawartha/Invest Kawartha.
Photo courtesy of Lindsay & District Chamber of Commerce.
The inductees strengthen our economy and community through their exemplary accomplishments of vision, leadership, and commitment to excellence in business over a lifetime a,ccording to John McNutt, JA-NEO president and CEO.
“JA-NEO is excited to unveil the 3rd annual class of inductees to join our ever-growing Business Hall of Fame for the City of Kawartha Lakes,” he said. “These exceptional business leaders are helping to inspire and show local youth that starting your own business can be rewarding and last multiple generations much like the business leaders being honored today.”
The inductees will be formally inducted at the third Annual JA Business Hall of Fame for the City of Kawartha Lakes on May 8 at Mackey Celebrations in downtown Lindsay.
The 2025 JA Business Hall of Fame inductees are as follows:
Carly, Debbie and Jay Poole – Buckeye Marine
Tim Wisener – The Grove Theatre
Gord Ferguson – Northern Casket
The Torrey Family – Torrey Family Farm
Sherry Peel – Bigley Shoes and Clothing
Engage with us on social media on Twitter, Instagram, Facebook, Tiktok, Youtube and LinkedIn. Write to us at tips@ptbocanada.com. Sign up for our newsletter here.
Check Out The Business Beat This Week Featuring Bentley Bits, Escape Maze, Electric City Catering and Carl Oake
/PTBOCanada is delighted to be running the Business Beat columns each week here, spotlighting new businesses and startups in Peterborough and the Kawarthas. Here is this week’s edition…
Looking for some special treats for your furry friend?
There’s a new local line of treats for dogs and cats called Bentley Bits from Bentley and Co. They’re not only tasty but healthy too. They are made with all-natural ingredients, like grass-fed beef tallow, coconut oil, and parsley. It’s good for their coat, skin, and digestion. Tracey Townsend started making treats as her cherished dog Bentley was getting older and could no longer eat hard treats. You can find them at Starfra Feeds at 152 Douro 9th Line with more locations coming. You can also buy direct by connecting on Facebook with Bentley and Co.
There’s a lot going on at Escape Maze these days.
Just 20 minutes south of Peterborough on a beautiful rural property, they offer elaborate escape rooms, party packages, tactical laser tag, corporate team bonding events, outdoor adventure gamers, and even weddings. They are renovating an old favourite room into a brand new adventure coming later this year. In the meantime, try their Wizards and Dragons room where magic, wonder and adventure come to life. Book your next outing at escapemaze.ca.
Susan Tung, founder of Hanoi House, is opening a new business — Electric City Catering.
The new catering business will launch this spring. It offers seamless service and show-stopping culinary creations, serving a wide audience and diverse range of special occasions, including weddings, corporate events, and private celebrations. Electric City Catering takes pride in providing the wow factor with stunning food displays. Find out more at electriccitycatering.ca.
I’m going to take a moment to honour a true local business and community leader.
Carl Oake passed away recently and leaves behind a huge legacy. Carl embraced the Rotary club’s motto of Service Above Self. He built a successful business with Carl Oake Century 21 United Realty. Despite the busy life of an entrepreneur, Carl invested much of his time and resources in building a stronger community through charitable work. He raised more than $1.4 million over 38 years through his annual swimathon, raising funds for Easter Seals and rotary community projects. Carl served on numerous boards, fundraised for many charitable causes, and was recognized for his work with quite a few awards, including the Chamber’s Business Citizen of the Year back in 2002. There’s far too much to list here in the Business Beat, but there’s no doubt he has left our community a better place.
If you want to have your business featured on the Business Beat or know of a business doing something new and interested, shoot an email to joel@pkchamber.ca.
Engage with us on social media on Twitter, Instagram, Facebook and Tiktok. Write to us at tips@ptbocanada.com. Sign up for PTBOBuzz newsletter here.
Local Restaurateur to Launch 'Electric City Catering' This Spring
/Susan Tung, local restaurateur and Hanoi House owner, is officially launching ‘Electric City Catering’ this spring, announced on Tuesday.
Tung (left) and Bell (right) in front of Hanoi House, Tung’s first restaurant that she opened in Febuary of 2020. Photo courtesy of Susan Tung.
“The name ‘Electric City Catering’ pays homage to Peterborough’s heritage while reflecting our commitment to being a vibrant part of this community,” said Tung. “We aim to make every event unforgettable by combining incredible food with memorable experiences.”
The company would be available to service several occasions, such as weddings, corporate events and private celebrations. Tung says the company’s services can be used for either formal, casual or any atmosphere in between.
“We’ve loved hosting special moments within the four walls of our restaurants but this venture allows us to expand and be part of even more celebrations throughout the community,” she explained.
Morgan, Hanoi House’s general manager (and Tung’s former restaurant NAKA Japanese), will be the catering director for Electric City Catering. She graduated from George Brown’s Culinary Management program and has had prior experience working at Kettle Drums before moving to Hanoi House.
Tung opened Hanoi House on Valentine’s Day 2020, located at 213 Hunter St. W. After opening a second location of Hanoi House at 1040 Lansdowne St. W., Tung closed the Hunter Street location to consolidate the restaurant several months later.
She founded and opened NAKA Japanese in mid-February of 2023 at her former Hanoi House location on Hunter Street. W. Tung sold NAKA to Emily Tan on Nov. 1.
According to Tung, Electric City Catering is currently accepting bookings for the spring and summer. Inquiries or bookings can be made by emailing electriccitycater@gmail.com. A catering menu can be found at www.electriccitycatering.ca.
Engage with us on social media on Twitter, Instagram, Facebook, Tiktok, Youtube and LinkedIn. Write to us at tips@ptbocanada.com. Sign up for our newsletter here.
Community Futures Peterborough Launches Free Workshop Series: Entrepreneurship 101
/The Business Advisory Centre and Community Futures Peterborough (CFP) is launching a new, free workshop series designed to support entrepreneurs and small businesses in Peterborough City and County, announced on Tuesday.
Photo by David Tuan Bui.
These workshops aim to take the guesswork out of starting or growing a business while fostering a sense of community among local entrepreneurs, according to Devon Girard, CFP executive director.
“Community Futures Peterborough and our Business Advisory Centre are committed to empowering entrepreneurs and small business owners with the knowledge and tools they need to succeed,” she said. “This workshop series is a fantastic opportunity for businesses to learn, connect, and thrive in Peterborough City and County.”
The series will cover a range of essential topics for business success:
Business Planning and Launching Your Business: Learn how to build a strong foundation for your business and bring your ideas to life.
Marketing and Branding: Discover effective strategies to promote your business and build a compelling brand.
Funding Options for Businesses: Explore various funding opportunities and understand how to access them.
Understanding Cash Flow and Forecasting Finances: Gain insight into managing your finances and planning for sustainable growth.
A one-time tax preparation workshop will also be offered in March to help businesses prepare for tax season.
“This series was designed to address the most pressing needs of small business owners, providing practical insights to help them build resilient and innovative businesses,” said Rose Terry, Business Advisory Centre manager. “It’s important to create a continuous learning journey, fostering growth, and ensuring long-term success for the local business community which is why we encourage entrepreneurs to attend the entire series.”
The Entrepreneurship 101 workshop series is free and open to all entrepreneurs, anyone exploring entrepreneurship and small business owners in the region. It is held three times annually.
The first Entrepreneurship 101 Series for 2025 has been set for the following dates:
Feb. 5
Feb. 19
March 5
March 19
March 26 (Annual tax planning workshop)
“Funding is one of the biggest challenges entrepreneurs face, but also where the greatest opportunities lay,” said Braden Clark, CFP loan manager. “These workshops will demystify the funding process, equipping participants with the tools to secure and manage financing effectively. Understanding cash flow and having a clear financial forecast is essential for long-term success, helping business owners build confidence to make informed decisions and seize opportunities.”
Engage with us on social media on Twitter, Instagram, Facebook, Tiktok, Youtube and LinkedIn. Write to us at tips@ptbocanada.com. Sign up for our newsletter here.
Check Out The Business Beat This Week Featuring Dietrich Homes, Lakefield Literary Festival, The BORO and Peterborough Chamber
/PTBOCanada is delighted to be running the Business Beat columns each week here, spotlighting new businesses and startups in Peterborough and the Kawarthas. Here is this week’s edition…
Dietrich Homes has finished the first net zero-ready home in Peterborough and the Kawarthas at 303 Mullighan Gardens.
Dietrich Homes are dedicated to energy efficiency, sustainability, and innovation in homebuilding. A Net Zero Ready Home is built to exceed today’s building standards and is capable of generating as much energy as it consumes when paired with renewable energy sources. It involves superior insulation, high-performance windows, advanced HVAC systems and airtight construction.
The Lakefield Literary Festival is now a federally approved charity, offering tax receipts for donations of more than $100.
The Literary Festival is a volunteer-run organization that stated in 1995. It is a nationally renowned Festival that brings important Canadian authors to Lakefield every July and hosts a respected Young Writers Contest for secondary school students. It relies on generous donations from people and businesses for half of its annual revenue. Find out more and donate at lakefieldliteraryfestival.com.
Photo courtesy of the Lakefield Herald.
