CFIB is examining the impact of the U.S.-Canada trade war on small businesses through insights gathered directly from its members via surveys. Based on over 2,000 responses collected in July 2025, the survey highlights the ongoing pressures facing entrepreneurs—from rising costs to shifting trade dynamics—and outlines the actions needed to foster business growth and resilience.
July 2025 key survey findings:
With trade tensions persisting between Canada and the U.S., small businesses are shouldering the costs. Since March 2025, nearly 7 in 10 (67%) small importers report paying Canada’s full retaliatory tariffs on goods from the U.S. without any price adjustment from suppliers. Another 14% say they split the cost with their U.S. supplier. For a typical importer, the median cumulative cost of tariffs to-date is $9,000.
For exporters, the picture is equally concerning. 63% of small firms shipping to the U.S. are covering at least some of the tariff costs—with 34% sharing them with customers and 29% absorbing them entirely. The median cumulative cost to-date for a typical business exporting to the U.S. is $22,500.
Support for Canada's retaliatory tariffs is also waning. Backing from the business community has dropped 13 points since March, falling from 75% to 62% by July 2025.
In response to ongoing trade war risks, small businesses are making tough decisions:
• 40% have raised product or service prices
• 36% have shifted to domestic suppliers
• 31% have absorbed tariff costs directly
• Others have delayed expansion (28%), stockpiled inventory (20%), or even reduced their workforce (16%)
Small exporters were more likely to delay growth plans and eat the cost to stay competitive. Importers, meanwhile, are hiking prices and sourcing closer to home to manage the uncertainty.
Dive deeper into the numbers
Explore our interactive dashboard to delve deeper into our survey. You can filter by province, sector, business size, and more. You can also download the accompanying presentation deck for a detailed summary of the survey’s key takeaways.
Survey methodology
Title: Your Voice July 2025
Status: Final results
Active Dates: July 10-24, 2025
Respondent Demographics: Responses from 2,090 CFIB members who are owners of Canadian independent businesses across all sectors and regions.
Margin of Error: ±2.14%, 19 times out of 20, for a probability sample of the same size.
Marvin Cruz
Director of Research
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