Business Terms
What is forecasting?
Predicting what the future might bring and prepare for the possibility of change.
For lower income households what has tariffs hit the hardest for them
Rising costs on essentials
Groceries
Household goods
Duties for steel and aluminum went up ...
50%
Financially tariffs created uncertainty for ... HINT: There are three right answers you can name one.
Investors
Businesses
Government
Name a prediction for the future! Either from the slides or one of your own.
No wrong answer!
What is a tariff?
A tariff is a government imposed tax on imported goods which are products coming into our country or any other country making goods more expensive.
Middle class feels the effect in what aspects? Name one
Vehicles
Building materials
Electronics
Reduced job security
When United States imposes high import taxes, Canadian producers lose ...
Competitiveness
Tariffs pushed many companies to rethink their ...
_____ _____.
... Supply Chains.
What are some long term implications mentioned? (Name one or two)
Canada will look for new trade partners
Canada business may change sourcing and supply chain
GDP could shrink
Consumers may continue to shift to buy Canadian
What is a trade agreement?
A pact that governs trade rules between Canada, the U.S., and Mexico. It's a pact between countries to facilitate trade. This helps businesses avoid tariffs and plan to reduce trade barriers like tariffs.
- CUSMA
Tariffs can influence investments, business operations, and the stability of industries tied to ...
Global trade
Doug Ford announced what percent of a surcharge on electricity exports to the U.S.
25%
What are some of Americas long term trading partners?
China
Canada
Mexico
EU
What are some short term implications mentioned? (Name one or two)
Higher prices for imports
Job losses
Disrupted supply chain
Reduced spending by consumers
Continued back and forth tension
What is supply chain management?
The process of planning and controlling how products move from raw materials to the final customer in the most efficient and cost-effective way.
Companies may pass increased production or import costs down to consumers, ________ , or shareholders.
Employees
How could Toronto feel the effect of the trade war?
Through economic slowdown and job risk.
What extra countries were listed that have been affected? Name 1-2.
South Africa
Vietnam
South Korea
Japan
Who in Canada is impacted by the trade war? HINT: They are Canadian products that get imported to America
1. Industrial and Raw materials
2. Automotive Industry
3. Agriculture Sectors
What is a plan?
Statement of action steps to be taken in order to accomplish the objectives.
What are the three levels of income for households that were talked about?
Lower class
Middle class
Upper class
Trump imposed what percent on auto tariffs?
25%
What were the three main countries (One wasn't necessarily a country) talked about in the slides that were affected?
India
EU
Brazil
Name an American product imported to Canada that was mentioned.
- Food and Beverages
- Health and Beauty
- Household and Consumer goods
- Technology and Office
- Specialty Items