During the B20 summit, Ambassador Mark Wiseman warned that the tariffs imposed by President Trump are increasing the cost of capital for businesses, which in turn discourages investment in new projects. He noted that uncertainty surrounding these tariffs complicates decisions on building new facilities or investing in research and development.
The ongoing tariff dispute between the U.S. and Canada has seen U.S. customs duties on Canadian imports rise significantly, from $400 million in 2024 to $10 billion in 2025. Research from the New York Fed indicates that nearly 90% of tariff costs are passed on to U.S. importers, with a portion affecting consumer prices, contributing to inflation concerns.
As negotiations between the two countries resume, Wiseman called for the removal of tariffs to restore a more stable trading environment. The political landscape may shift with Democrats set to take control of Congress, potentially challenging these tariffs.
European ambassadors at the summit echoed similar concerns, stressing the need for a stable regulatory environment to facilitate business operations