Donald Trump’s return to the White House is expected to have a significant impact on international trade policies, defence commitments and diplomatic relationships.
Aliya Daya, Senior Client Executive, discusses the implications this could have on Canadian businesses in this article published by Canadian Underwriter magazine.
Advice for Canadian businesses following Trump’s presidential victory
Trump’s second term as US president will likely have notable effects on Canada, as well as the global geopolitical landscape.
For example, one thing that businesses may need to contend with is the reimposition of tariffs on Canadian exports. This could adversely affect key industries across the country, such as automotive, energy, agriculture and manufacturing.
“Knowing that Trump’s administration may reintroduce tariffs on Canadian exports, brokers should advise clients to evaluate their supply chains and consider trade credit insurance to mitigate potential payment defaults.”
— Aliya Daya, Senior Client Executive, Acera Insurance
Reassessing political risk insurance following Trump’s victory
Aliya also recommended that Canadian businesses work closely with their broker to:
- Create business continuity plans
- Create modeling or assessments for trade-related risks
- Create currency hedging strategies
- Review cross-border regulations and compliance
- Monitor economic indicators for strategic future planning
Learn more about what Trump’s victory may mean for Canadian businesses and the insurance sector.