Article
This news outlet published the story.
What is CBC News
This term refers to business activity that crosses national borders
International Business
When prices rise because of tariffs, this happens to customer demand
What is decreases?
Mark Gagné’s sales tanked after losing customers from this country
What is the USA
This Sault Ste. Marie business was hit hard by the new tariff rules
What is the Brickspace
Before the policy change, Canadians could bring back items under this value duty-free
What is 800$
When customers saw prices jump because of tariffs, they became less willing to buy items that weren’t essential, whichshows what component
What is need vs wants
The Brickspace had to do this with its U.S. sales because of the new rules
What is suspend or stop them
The U.S. removed this rule in August, causing chaos for Canadian sellers
What is the de minimis rule (or duty-free limit)
Fees in China can be up to this percent
What is 34%
When rising prices cause demand to drop, it shows this basic economic relationship between how much something costs and how much people want it
What is price/demand relationship
These types of businesses are super vulnerable to sudden policy changes
What is small business
After the rule changed, buyers now have to pay these on products entering the U.S.
What is a Tariff
Ninety percent of this owner’s customers were American before tariffs dropped demand
Who is Mark Gagné
This normally high-sales season crashed for small businesses this year
What is the holiday season
Even after finding a workaround, this was still true about Mark Gagné’s sales
What is they stayed slow
This owner completely cut off U.S. sales because the paperwork was not worth it
Who is Derek Pearce
The new change in August now bases prices off of this
What is their origin country
Businesses end up with this when supply stays high but demand tanks
What is extra inventory
Both businesses struggled because people lacked this extra money for holiday shopping
What is disposable income