While the American population deals with the recent election, which named Donald Trump as the 47th president of the United States, many businesses in Canada are left wondering what this will mean for them.

During the leadup to the election, Trump has repeatedly mentioned that he wants to increase tariffs on products coming from outside countries, including a potential 10 per cent tariff on all U.S. imports.

He has also said that he will review the US-Mexico-Canada Agreement (USMCA), which Trump helped create in 2018.

Kristi Maier, CEO of the Ridge Meadows Chamber of Commerce, explained that she's not sure how this new president will impact Canadian businesses, but she's sure that there will be ripple effects felt locally one way or another.

"Even though it's not in our country, we'll feel the impact in Canada heavily because we do a lot of trade with the U.S. and work closely with them on a lot of things," said Maier.

"If there are any negative impacts, the chamber will be here to support local businesses."

According to a recent report by TD economist Marc Ercolao, if Trump's proposed 10 per cent tariff goes through, then it could result in as much as a five per cent reduction in Canadian exports to the U.S. by early 2027.

This could mean a decrease of tens of billions of dollars in goods, given that the Office of the United States Trade Representative reported nearly $909 billion of goods and services traded between the two countries in 2022.

READ THE ARTICLE: Chamber stands by local businesses after U.S. election - Maple Ridge-Pitt Meadows News