Welcome remarks from Candace Laing, President and CEO, Canadian Chamber of Commerce

Delivered on Wednesday, May 14, at the 2025 B7 Summit Opening Gala

Good evening, everyone. First off, thank you to Elisabeth for leading us in our national anthem. Thank you, Thomas, for the land acknowledgement.

It’s an honour to represent the Canadian Chamber of Commerce and to be your host for this important event over the next few days. We have many honoured guests and many of you have travelled quite a distance to be with us. Thank you for making the journey.

And thank you for being on this journey together — the journey where we are navigating incredible economic turbulence. 

We are all focused on the U.S. administration’s trade policies and the reordering of our global trade system. However, to effectively meet this moment, we need to have the awareness and discipline to recognize that we were already on this path — perhaps it has now accelerated, but we were already living the change of an era.

The end of the post WWII era as we knew and understood it is here. This means we need to address growing geopolitical divisions, disruptive forces and deep grievances that are destabilizing supply chains and global trade and threatening global prosperity and security.

We have an important choice to make about our mindset in this moment. Do we lament and stew in anxiety about the current level of disruption and uncertainty? Or do we see the possibility of transformation? As we know, business is deathly allergic to uncertainty, but as we also know, business thrives on transformation.

Nothing ahead of us will be easy, but the mindset we carry into our “solutioning” matters a great deal. As the saying goes: “It’s an ill wind that blows no one any good.” It can be hard to imagine the upsides of disruption while we are in the midst of it, but we tend to come through it better and stronger.

There is also some good wind at our backs. As we face the challenge of transformation, we already have a system for solving the unprecedented wave of economic uncertainty. Established in the 1970s to counter economic upheaval, oil shocks and the collapse of an international monetary system, the G7 has been a pillar of global governance for 50 years. Membership may have changed over the decades, but the G7’s goal hasn’t: Bringing together the world’s most advanced economies to act as a catalyst for global cooperation and progress.

The convening of the world’s most advanced economies also includes the gathering of the Business Group of 7. Each year, B7 members support the G7 agenda with recommendations shaped by the business community on a key set of priorities.

This year’s B7 theme, “Bolstering Economic Security and Resilience,” is our response to the moment. Shared economic problems require shared solutions.

This year, given the geoeconomic confrontations and geostrategic considerations that closely link economic and national security agendas, the B7 stands ready, now more than ever, to support the G7’s efforts to secure the prosperity of people, communities and businesses in our great nations and beyond. And the Business Group of 7 has been steadfast regarding the importance of multilateral collaboration.

On the topic of collaboration, for months we have been working together with our B7 counterparts from the other G7 countries as well as our corporate sponsors. Over 40 organizations, representing a variety of sectors, signed on to support the work of the Canadian Chamber’s B7 presidency. We are deeply grateful for that support. Thank you especially to our knowledge partner, the Boston Consulting Group, and our premier sponsors, AWS, Microsoft and Toronto Pearson.

This group of partners and sponsors has been incredibly dedicated — spending countless hours in deep dialogue. Despite a shifting landscape around them, this group has been able to align on the framing and solutioning regarding key forces reshaping our global economy — these include trade, artificial intelligence and digital transformation, and the future of secure, sustainable and affordable energy.

The consensus on every word culminating in what we call the B7 Communiqué needs to be appreciated — it certainly is by me. The Communiqué serves as a key support to the upcoming G7 discussions. 

Building on recent B7 momentum, including Italy’s presidency last year, our Communiqué provides a strategic blueprint for G7 leaders to address today’s most pressing economic challenges. In addition to trade, AI and energy, we also explore the key enablers that strengthen systemic security and resiliency, including global health security, infrastructure resilience and cyber security preparedness. And underpinning it all, given its cross-cutting significance, is the importance of critical minerals and materials and their essential role in safeguarding economic and national security.

I am filled with optimism as I look out at this room and think about the conversations we’ll have over the next two days. Your attendance and your engagement at this particular moment in time will help ensure that economic security and resilience are built on the success of a thriving business community.

One thing I’d like you to take with you over the next two days is a level of comfort with discomfort. As the B7 group pushed through deep discussions leading up to this week’s summit, I can attest to the fact that the quality of our Communiqué is linked to the courageous conversations that ensued. We made it safe to disagree, to raise concerns and to think differently.  

We all need to lead like we are living the change of an era, because that is what we are in, and as I like to say these days, anything in defence of the status quo is not a strategy.

We’re honoured for you to be here, to contribute to and be inspired by really good content and discussions. We are excited to present our Communiqué and recommendations to the Government of Canada in preparation for the upcoming G7 Summit. Thank you once again for being here, thank you for leading the change of an era and for helping ensure that every citizen in our great nations may have a better life.

This blog post was provided by Stephen Schmidt, VP of Telecom Policy & Regulatory Affairs, and Chief Regulatory Legal Counsel at TELUS.

Staying connected online is more important than ever for Canadians. As digital connectivity is increasingly viewed as an essential service, ensuring affordable access has emerged as a key priority for Canada’s future.

According to the Statistics Canada Consumer Price Index, the overall cost of living in Canada has risen by more than 19.5% since 2019. This inflation has impacted everything from groceries to housing. Yet, in a remarkable juxtaposition, the cost of telecommunications services have been steadily declining over that same period.

Take wireless prices, for example. There are plans designed for every budget. Despite widespread inflation, they have declined 46.7% since 2019. This results in Canadians opting for larger data plans. In fact, there has been a 30% increase of subscribers with a data plan of 50 GB or more since 2020. When you take inflation into account, that’s an even greater decrease of 58.4% since 2019, offering a rare deflationary bright spot in household budgets.

This significant decrease can be attributed to several factors, including increased competition among national and regional service providers, more advanced technology that makes services more efficient, and the evolution of consumer needs and behaviors.

Home internet prices are following a similar trend. TELUS entered Ontario in February 2024, and home internet prices have dropped by 9.2% up to February 2025. 

What’s more, this price reduction in telecom services hasn’t come at the expense of service quality. In fact, the opposite is true – service quality has improved significantly across the industry: Internet speeds have increased by 300%; mobile data usage has nearly tripled; and the cost for a 50GB plan has dropped nearly 68% even as the price of most other goods during that timeframe went up more than 20%. That same CRTC report shows, the Internet price index has fallen 10.0% since 2019 (figure 16). Plus, 89.1% of households now have access to gigabit internet, up from 61.1% in 2019. This expansion ensures faster connectivity, boosts digital experiences, and fuels economic innovation.

These improvements have positioned Canada favorably on the world stage. Canada now ranks as the third most affordable country for high-speed Internet in the G7, despite challenges such as vast geography, low population density and cost factors that are more than double the G7 average. Mobile prices are consistently lower than those in the U.S. and Japan across all market segments, challenging what many people think about Canadian telecommunications prices.

The telecommunications industry’s commitment to improvement is clear: Canada has the second highest rate of telecom investment per subscriber in the G7, investing 38% more than the OECD average, a stark contrast to the overall Canadian economy, which has struggled to keep pace with global competitors. This robust investment has enabled broadband to account for 17% of Canada’s total productivity growth from 2009 to 2019, positioning telecom as the engine of innovation, efficiency and economic competitiveness.

As Canadians deal with rising costs, more affordable internet helps make life a little easier for everyone and helps power other industries to drive economic benefits too.

On Thursday, May 8, we hosted a dinner in Montreal to recognize two distinguished leaders in the Canadian business community, Guy Cormier and Sophie Brochu. The evening included thoughtful remarks, outstanding entertainment and respected guests from across the country. We were honoured to be joined by several community partners connected to the honourees who reflected the strong networks that have supported their leadership.

Guy Cormier, Canadian Business Leader of the Year Honouree

Guy Cormier has been President and CEO of Desjardins Group since 2016. As a champion of the cooperative model, shared prosperity, youth and a greener, more inclusive economy, Guy Cormier makes decisions that are based on the common good. 

Sophie Brochu, Canadian Business Leader Lifetime Achievement Honouree

Sophie Brochu was President and CEO of Hydro-Québec from 2020 to April 2023. She is the first woman to hold this position on a permanent basis in the company’s history. Very active on the social front, she has been involved with Centraide of Greater Montreal and is co-founder of the ruelle de l’avenir, an organization that fights against school drop-out in the Centre-Sud and Hochelaga neighbourhoods of Montreal.

We were honoured to have Déborah Cherenfant as the emcee for the evening, effortlessly guiding attendees through the award presentations, thoughtful tribute videos and a beautiful three course meal. The evening’s entertainment was uniquely provided by a student jazz trio from the Unversity of Montreal’s jazz performance study program. The level of involvement from members of Montreal’s business, social and education community certainly stands out as one of the highlights from the evening.

We would like to extend a special thanks to the St. James Hotel and all of our event sponsors.

This blog was provided by Intracorp 

The home building industry is facing a myriad of challenges; from increasing municipal fees to a hesitant investment market. These issues are getting lots of attention, and for good reason. But the issue of an increasingly stringent building code is being overlooked by comparison. Below we set out to calculate the true cost of building to current code. The outcome is that overregulation in the housing sector has created a cost-of-delivery crisis and something has to give.  

In order to determine the impact of building codes on the cost of housing, we removed the cost of land, community amenity contributions, development cost charges and fees (DCCs) as well as any profit from a sample condominium building proforma.

With construction costs soaring to $562.59 per square foot, homeownership is more unaffordable than ever. Even before factoring in profit margins, land acquisition, and DCCs, a buyer would need a gross annual income of at least $140,710 to afford a modest two-bedroom condominium (see Appendix A). Once those additional costs are included, the required income climbs to over $200,000. For perspective, the average gross household income in Canada is $106,300[i] —a stark gap that highlights the growing affordability crisis.

Below is a comparison of the same project and pro forma using construction pricing from fifteen years ago, with the same exclusions and assumptions as above.

Fifteen years ago, construction costs were only $204.19 per square foot – less than half of what they are today. At that time, the gross annual income required to purchase a two-bedroom condominium (excluding profit, land costs, and DCCs) would have been approximately $83,396. With the average Canadian household earning $79,102, homeownership was far more attainable for the average family than it is today.[ii]

This doubling in construction costs cannot be attributed to inflation. CPI was at 120.9 in 2011 and is at 161.3 today.[iii] That’s an annualized change of only 2.18%. For context, if we assumed that CPI inflation caused 100% of that price increase, that would represent 7.92% per year, more than triple the actual CPI rate. So, what is really driving this dramatic escalation in costs?

The original intent of a building code was to establish minimum standards for the design, construction, and maintenance of buildings to ensure safety, health, and structural integrity. However, building codes have evolved to reflect political agendas and as such, they have transformed into attempts to establish global leading standards. They now encompass Step Code energy targets, up to 100% adaptable unit requirements, air conditioning requirements, and seismic requirements, to only name a few.

The pace of regulatory change is rapid. CHBA has reported that there are 374 proposed code changes for National Model Construction Codes for 2025, and 186 out of 1200 standard references are being updated this year.[iv] Remarkably, there is no requirement for cost-benefit analysis when updating these standards—meaning their impact on housing affordability is neither assessed nor understood. Local governments double down on these through municipal codes, which pushes construction costs even higher.

The rising cost of meeting building code requirements is driven by a combination of factors—including the adoption of advanced technologies, higher-priced materials, and increasingly complex regulatory standards. Striking a balance between delivering housing that remains affordable and absorbing the cost of these requirements is becoming more difficult. Today, even baseline code compliance often demands the latest—and most expensive—technologies. While these upgrades may improve performance, they also push home prices beyond the reach of many buyers, undermining overall housing affordability.

The economic landscape further complicates this balance. Inflation and supply chain disruptions add layers of financial strain. The homebuilding industry is in a precarious position, striving to meet building code without passing excessive costs onto homeowners. This delicate balancing act requires innovative solutions and strategic planning to ensure that sustainable housing remains accessible and affordable.

Stakeholders, including policymakers, developers, and community leaders, need to collaborate to find viable pathways that support both sustainability and housing affordability. We need to prioritize with the understanding that if the economics do not work, housing does not get built. Building codes should prioritize life safety and outline minimum standards, not serve as an extension of political manifestos and best-in-class building innovation.

As mentioned, there’s considerable focus on Development Cost Charges (DCCs), which have risen at an annualized rate of 13% over the past 15 years, far outpacing inflation. While this is a key issue, bringing building code standards back to minimum requirements would have a more significant impact than eliminating DCCs, given the cost magnitude of each. This would allow developers to build the number of homes needed across the country. For homes built above minimum standards, incentives such as density bonuses or government grants should be introduced to help offset the extra costs, ensuring that these do not get passed on to homeowners and residents. This would allow Canadian’s the freedom of choice, as well as a home they can afford.

Appendix A:

Appendix B:

[i] CMHC – Canada – Household Income – Average and Median

[ii] CMHC – Canada – Household Income – Average and Median

[iii] Consumer Price Index, monthly, not seasonally adjusted (statcan.gc.ca)

[iv] Building Excellence – Winter 2024 by NextHome – Issuu

Canada’s economy is facing a turning point.

In a recent episode of Canada’s Economy, Explained, host Marwa Abdou sat down with Dawn Desjardins, Chief Economist at Deloitte Canada, to unpack what’s next for the Canadian economy in 2025.

Desjardins brought deep experience to the table, having previously held roles at RBC, Bloomberg, and JP Morgan. Now at Deloitte, her team just released their economic outlook report titled Calm Before the Storm.

It’s not all doom and gloom.

Desjardins points to a few stabilizing forces: “The Bank of Canada is lowering interest rates. Inflation is trending lower. Households have savings.” Deloitte’s baseline forecast predicts 2% GDP growth in 2025.

But risk is building quickly. One looming threat is the possibility of 25% U.S. tariffs on Canadian exports. “According to our modeling, those tariffs could cost the average Canadian over $2,000 annually,” Desjardins explains. “If Canada retaliates, we’re looking at up to a 0.8% contraction in GDP.”

Takeaways from the episode

1. Tariffs could cost Canadians thousands and trigger a short recession.
2. Immigration policy changes will ease housing demand but reduce labour supply.
3. Business confidence is fragile, and investment is slowing.

When asked how the economy compares to past shocks, Desjardins draws a distinction: “COVID was a global shutdown. Today’s threat is narrower — but just as disruptive for Canada. Our export sector, especially auto manufacturing, is deeply vulnerable.”

A sharp drop in consumer confidence is already being felt. “People are nervous. They’re wondering if they’ll have a job six months from now. That anxiety alone is causing a pullback in spending,” she says in the episode.

Confidence concerns

“Consumer confidence has come down significantly. And business confidence is following,” Desjardins continues. “We’re seeing delays and cancellations in EV investment projects that were just months ago being celebrated.”

Another area of concern is immigration. With federal policies reducing the number of new arrivals, labour market dynamics are shifting. “We had a major influx post-COVID that helped fill vacant jobs. That’s reversing now,” she explains. “That’s good for housing demand, but tough for growth and productivity.”

Deloitte’s downside model shows GDP could fall by nearly 3 points in a worst-case tariff scenario — enough to push Canada into recession territory.

Still, Desjardins offers cautious optimism. “We’re not expecting a long downturn. If concessions happen — on both sides of the border — Canada could exit 2025 in stronger shape than feared.”

She emphasizes infrastructure, interprovincial trade reform, and productivity gains as areas Canada must tackle. “These are long-standing issues. Maybe now, finally, we act.”

“There’s a lot we can’t control. But there’s a lot we can — and should.”

In closing, Desjardins encourages policymakers and business owners to think long-term, not just quarter-to-quarter. “Be cautious but stay engaged. Opportunities will emerge from the uncertainty.”

This blog was provided by Greater Vancouver Realtors

Canada’s housing crisis is not for lack of ideas. It is the complexity of the problem that stalls action, and we are well past the point where any single solution can turn the tide. That means we need multiple strategies that can work in concert. But more importantly, we need the private, public, and not-for-profit sectors to work together.

At Greater Vancouver REALTORS® (GVR), we represent over 15,000 real estate professionals who are on the front lines of the housing crisis. We see young professionals with good incomes and solid credit unable to move beyond renting, not because they cannot handle a mortgage, but because they are unable to get over the down payment hurdle.

Think about the impact when teachers, first responders, tradespeople, and healthcare workers are unable to afford to live where they work. It is not just a personal issue for them. It is a systemic one for the communities that rely on their services.

That is why we are proposing a new approach: a Canadian Home Ownership Community Bond.

A New Kind of Social Investment

The idea is simple. It is a national bond program that allows Canadians, individuals, and corporations alike, to invest in a housing fund. This creates a mutual benefit – investors receive a modest return, while the pooled funds help qualified buyers enter the housing market by easing the size of their required down payments.

Here is how it could work:

1. Investors – Canadian residents and corporations could invest in the bond, using additional tax deferral room granted by the federal government for this purpose.
2. Investment management – Funds would be managed by a trusted entity, such as the Canada Mortgage and Housing Corporation or a federally regulated bank. 
3. Homebuyer support – The accumulated investments would act as “collective equity,” reducing the down payment required for qualifying buyers, lowering risks for lenders, and increasing home ownership access. 
4. Social and financial impact – Investors would receive a return while supporting a program designed to help make home ownership attainable for more Canadians. 

Under this concept, lenders would be able to draw from the bond in the unlikely event that a buyer goes into default. I say unlikely because history shows that Canadians pay their mortgages. Mortgage delinquencies in Canada are historically around 0.2 per cent and slightly below that in B.C. This track record should inspire confidence for the program’s underwriters. 

We Have Done This Before

This kind of investment model is not new to Canada. During the First World War, Victory Bonds allowed Canadians to invest in the country’s future. More recently, Canada Savings Bonds served a similar purpose until 2017. The housing crisis demands a similar kind of big picture thinking.

This would also signal to younger generations that we are not leaving them behind. That we see the value in helping them build equity, stability, and a future in their communities.

We Can Build It Together

GVR cannot do this alone. That is why we are reaching out to beyond our industry colleagues – business leaders, lenders, and policy thinkers – to help refine and champion this idea.

The market challenges are real. But so is our ability to innovate when we work together. The Canadian Home Ownership Community Bond could be one more way to support the next generation of homeowners and the communities that need them.

We also urge our next federal government, whoever that may be, to consider this idea.

To be clear: we understand this is not a silver bullet. But it is one more tool we could use to help make a difference in this crisis.

The latest episode of the Business Data Lab’s podcast, Canada’s Economy, Explained, shines a light on a major risk facing Canadian businesses. Host Marwa Abdou sits down with Dr. Chad P. Bown, former Chief Economist at the U.S. Department of State and Senior Fellow at the Peterson Institute for International Economics, to break down the new wave of U.S. tariffs and what they mean for Canada’s economy.

If you think tariffs are just political noise, think again. Bown explains that these proposed tariffs could deal a major blow to industries that rely on cross-border supply chains. “The potential impact of some of these tariffs could be incredibly disruptive,” he says. In industries like automotive manufacturing, parts cross the U.S.-Canada border multiple times. A 25% tariff applied at each crossing would be devastating.

Key Takeaways:

• Tariffs could double or triple supply chain costs
• Small suppliers are most at risk of collapse
• Retaliation could cause more harm than good

Bown draws a direct comparison to the early pandemic days when a shortage of one part—semiconductors—shut down entire automotive plants. Tariffs could cause similar, but broader, disruptions.

For policymakers, it is a lose-lose situation. Bown reminds listeners that while retaliation may seem justified, “tariffs also cause self-harm.”

“If the United States is serious about doing this, and they’re not providing an off ramp, then countries will have to evaluate for themselves whether retaliation is actually worth it.”

Canada’s Struggle to Diversify Trade

Many experts say Canada must diversify its trade partners. But Bown is clear: it’s not that simple.

“It is really, really hard for Canada to be able to diversify for a number of fundamental economic underlying reasons.”

Geography plays a huge role. The U.S. is a massive, nearby market, making it naturally easier and cheaper for Canadian businesses to trade south rather than across oceans. Building new trade infrastructure would take years and significant investment.

Technology Changed the Rules

Bown also reminds us that even if manufacturing moves back to North America, the jobs might not follow.

“Even if you erect trade barriers, companies are going to figure out how to make them with as low a cost as possible. And oftentimes that’s not going to be with workers. It’s going to be with technology.”

• Tariffs don’t just hurt businesses. They raise costs for every consumer. The BDL’s Canada-US Trade Tracker estimates that new tariffs could cost the average American family $1,300 USD per year and the average Canadian family $1900.
• Canada must prepare for long-term trade shifts because short-term fixes will not protect the economy from disruption.

Advice for Policymakers and Businesses

Bown’s advice for Canada is clear.
First, understand that not everything coming from Washington is part of a grand strategy. Even insiders are struggling to make sense of the mixed trade signals.

“It’s not as if Washington is at a moment where there’s a well-understood master plan in place. If Canadians are wondering what’s going on, you’re not alone.”

Second, avoid rash retaliation. It could cause greater damage at home without improving the situation abroad.

Finally, focus on long-term solutions. Building stronger trade ties beyond the U.S. will take time, investment, and consistent leadership.

Bown closes with hope, reminding us that democracies can correct their course over time. Cooperation still offers the best path forward.

Despite a $2 billion federal commitment made in 2018 to double the number of women-owned businesses by 2025, the number has barely changed. As of today, women own just 18% of businesses in Canada.

Hudon is candid about the root problems. “Access to capital is probably one of the top three reasons why we don’t see as many women picking entrepreneurship as a career versus men,” she says.

This issue is more than a missed social opportunity — it’s a missed economic one.

According to the Business Data Lab, based on ISED estimates, if Canada had closed the gender gap in business ownership, the economy could have grown by up to 6% — a GDP loss equivalent of $150 and up to $180 billion.

Midway through the episode, Hudon shares how BDC’s $500 million Thrive Platform is tackling this problem head-on. The platform includes funding for women-led companies, a $100 million innovation lab, and efforts to increase women’s representation in the venture capital ecosystem.

Key Takeaways:

• Women ask for less capital than men — and receive even less.
• Women-owned businesses are concentrated in retail, health care, and other limited-growth sectors.
• Less than 10% of businesses in high-growth sectors like tech, construction, and mining are owned by women.
• BDC has launched the $500 Million Thrive Platform for Women.

BDC isn’t just investing money — they’re investing in structural change. The bank is pushing for more women to be part of investment committees to ensure funding decisions are inclusive and representative.

“At BDC, we lend money, we provide advisory services — so, non-financial support — and we invest in venture capital. We have specific strategy on how to go and convince women to start a business, do more, grow and stay in business,” Hudon shares in the podcast.

• Canada has approximately 710,000 “missing” women entrepreneurs. Closing that gap could reshape our economy.
• Investing in women isn’t just the right thing to do. It’s a smart growth strategy.

Hudon’s final message is clear: women need to ask for more and own their expertise. “Be highly confident based on what you know—not what you don’t know. And ask for double.”

On March 5, the Canadian Chamber team arrived in Washington, D.C., for our first trade mission of the year — the day after U.S. tariffs on Canadian imports landed.

Over the next two days, our team, alongside a delegation of more than 40 business leaders representing sectors across North America, engaged in conversations with D.C. public policy leaders. During the mission, attendees detailed commodity-specific implications of growing U.S.-Canada trade tensions while also unanimously agreeing on the most important takeaway: tariffs detrimentally impact the movement of goods across the U.S.-Canada border and leave both economies increasingly worse off as this trade war persists.

Our message was clear: the Canada-U.S. trading relationship is built on a long-standing — and still growing — foundation of integrated supply chains that enable the fluid movement of goods. This integration was established with great care and consideration over many years to secure our joint economic future; it will only be untangled at immense expense and over a long period of time, during which we are certain to relinquish our global economic standing to our competitors.

Highlights of the mission included:

A reception with Members of Parliament and Senators comprising the Canada-United States Inter-Parliamentary Group who were in Washington for meetings with American legislators as part of their Congressional visit.

A conversation at the Embassy of Canada to the United States, which provided a boots-on-the-ground Canadian perspective on the shifting landscape around Capitol Hill over the past few months and how trade has been affected.

A look at shifts in the U.S. policy agenda and our economic relationship with our largest trading partner and closest ally, presented by Export Development Canada and hosted at the Johns Hopkins University Bloomberg Center.

A discussion on what’s next for North American manufacturing between Alice Stayton Clark (United States Council for International Business), Paul Dostaler (BDO), and Diego Marroquin Bitar (Wilson Center), with opening remarks provided by David Patterson, the Government of Ontario’s Representative in Washington.

A panel considering how tariffs, technology and labour will shape the future of not only our highly integrated cross-border supply chains, but of global movement of both goods and people going forward.

A U.S. perspective on supply chain security and how tariffs continue to put economic growth at risk on both sides of the border, hosted by the U.S. Chamber of Commerce, with views from Anne McKinney, John Drake, and Trey Mckenzie, as well as insights from Kelly Ann Shaw (Hogan Lovells).

With so many great discussions, it is difficult to boil everything down to just a few points, but our key takeaways are:

1. Tariffs are taxes. And that goes for both Canadians and Americans, who have watched markets adjust to tariff announcements in recent weeks and subsequently seen stock prices plummet. As trade becomes more expensive, costs rise for businesses, the economy suffers, and consumers pay the price.
2. Volatility is the new normal. The Trump administration’s trade strategy has been to leverage executive authority, citing national security, to undermine existing trade agreements. Pair this with multiple instances of unprompted shifts to tariff imposition timelines and it appears the only certainty going forward is uncertainty.
3. Businesses need to prepare. We saw many businesses front-load shipments in anticipation of tariffs, but lack of predictability and difficulty in sourcing alternatives remains a problem. Upending the integrated supply chains that have been established over decades of cross-border trade — and created economic prosperity for both countries — means all will have to either pay the toll or find more expensive options.
4. Manufacturing is extremely vulnerable. Imposing tariffs on intermediate inputs used to produce final goods puts many businesses at risk. The auto sector provides a glaring example of how costs can rapidly escalate — since components for motor vehicles cross the border multiple times before final assembly, taxes would be added at multiple points as well.
5. There is much more to be done. With tools like the Canada-U.S. Trade Tracker, the U.S. Tariff Exposure Index, and the U.S. Cities Most Export-Dependent on Canada providing data about regional impacts, there is a solid foundation for discussions with U.S. policymakers. That said, we still need to provide a better understanding of how North American supply chains operate and how Canadian inputs effectively complement American production and vice-versa.

Now more than ever, it is critical to have Canadian voices in Washington, making the case for the benefits of a trade partnership operating on a foundation of reliable and efficient supply chains. Thank you to all the businesses leaders who joined us on this trip and so passionately represented the interests of their industries from sectors and regions across Canada.

Thank you to our sponsors and partners for making this mission possible.

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Our Partners

You can learn more about our upcoming U.S. missions on our Events page:

This blog was provided by GoSecure.

In 2023, mid-market businesses accounted for over 60% of ransomware victims, yet many struggle to get the same level of cybersecurity attention as large enterprises. Unlike small businesses with smaller attack surfaces, which can fly under the radar, or large enterprises with dedicated security teams, mid-market companies are caught in the middle—too big to be ignored, yet too small to command priority treatment. So how can they level the playing field?

We will explore the unique challenges mid-market businesses face, the common threats they encounter, and practical steps they can take to build a more resilient cybersecurity posture.

Why Are Mid-Market Businesses Overlooked?

Despite their economic importance, mid-market businesses often find themselves underserved when it comes to cybersecurity. Here’s why:

Limited Budgets

While not as constrained as small businesses, mid-market companies may lack the financial resources to invest in the high-end security tools and full-time teams available to enterprises. This often places them in a gray zone, where providers don’t prioritize tailored solutions for their needs. In 2023, small and medium-sized businesses spent approximately $300 million on cybersecurity incident recovery, highlighting both their vulnerability and the financial toll attacks can take.

Vendor Prioritization of Larger Clients During Crises

During times of crisis, service providers will focus their resources on clients with retainers, generally the larger clients. For example, during large outages, providers may initially need to rely on manual remediation efforts to address issues. With large client bases, personnel will be deployed to assist accounts having their incident response teams on retainer. With less cybersecurity budget to spend, many mid-market businesses elect to roll the dice and go without IR retainers, which may leave them with longer recovery timelines as they wait to find help.

Perception of Lower Value

Vendors may perceive mid-market clients as less strategic compared to high-profile enterprise clients, leading to reduced attention and fewer resources allocated to their protection.

Resource Constraints

With smaller IT and cybersecurity teams, often juggling multiple responsibilities, mid-market companies may lack the bandwidth to properly deploy, manage, and optimize cybersecurity solutions, leaving gaps in their defenses.

What Threats Do Mid-Market Businesses Face Most?

Cyber threats change rapidly, and mid-market companies are increasingly in the crosshairs of several significant risks:

Ransomware: This attack type can cripple operations by encrypting critical data, leading to costly downtimes and ransom demands.

Phishing: Deceptive emails can trick employees into disclosing sensitive information, often serving as the entry point for more complex breaches.

Supply Chain Vulnerabilities: Cybercriminals target third-party vendors to exploit weaknesses and gain access to networks.

Insider Threats: Whether through negligence or malicious intent, insiders can inadvertently expose critical vulnerabilities that result in compliance issues and reputational damage.

The good news is that mid-market organizations can adopt several cost-effective measures to protect against these threats:

• Assess Your Current Posture: Begin by leveraging professional services to evaluate your cybersecurity defenses comprehensively. This can include incident response, a robust security maturity assessment, and other tailored evaluations designed to pinpoint vulnerabilities and prioritize actionable improvements. With expert actionable insights, you can build a solid foundation for your cybersecurity strategy.
• Emphasize Employee Training: Employees are often the first line of defense. Regular training sessions can help them identify phishing attempts and other social engineering tactics.
• Invest in Advanced Threat Detection: Modern cybersecurity threats require more than just firewalls and antivirus solutions. Managed Extended Detection and Response (MXDR) services combine automation with expert analysis to detect and mitigate threats swiftly.
• Test Your Defenses: Penetration testing helps identify weaknesses in your systems, whether through simulated phishing attacks or vulnerability scans of your networks and applications.

Many mid-market businesses believe advanced cybersecurity is out of reach. However, managed services can provide enterprise-grade protection without requiring enterprise budgets, essentially doing more with the same resources. For example:

• Proactive threat detection tools offer continuous monitoring, ensuring that threats are identified and addressed before they escalate.
• Regular security assessments provide clarity on whether your existing technologies are delivering optimal value.

Incorporating such solutions doesn’t mean abandoning your current investments. Flexible deployment models, such as leveraging existing tools under a managed service umbrella, ensure businesses can do more with their existing resources.

An adequate cybersecurity posture isn’t achieved overnight. It requires a culture that prioritizes security across all levels of an organization. Regular reviews of your security roadmap, alongside iterative testing and optimization, can significantly improve your defenses.

For businesses looking to strengthen their approach, working with experts who understand the unique challenges of mid-market organizations can make all the difference.