Tariffs take toll on small US business

Mélanie Jolyforeign Minister

Of course, there's oil and gas. We haven't put that on the table yet, guys, we kept that in our game, in our cards, as cards that we could potentially play if this would escalate, and the U.S. knows that,

Joly said

It is a highly dynamic situation,

said Corrie Sue Barry, CEO of electronics retailer Best Buy, who called price increases "highly likely."

Automakers, battery makers and suppliers are investing billions in American manufacturing and to modernize the industrial base,

said John Bozzella, president of the Alliance for Automotive Innovation

In general, any tariff would have a broad impact on our industry,

Home Depot said

The consumer will likely see some price increases over the next couple of days,

Target Chief Executive Brian Cornell said this week

If the tariffs do hold, the automotive industry won't be able to adjust overnight,

she said

We’re importing about 3 million barrels of Canadian crude a day to the Midwest and Rocky Mountain region,

said Lipow

The negotiation aspect is where we are now,

said Amo Sahota, director at Klarity FX in San Francisco

The president gets to make the decision,

Lutnick said

This is a fluid situation, and it is unclear whether the U.S. import tariffs apply to imports of electricity from Canada, and it is uncertain whether or when this will be resolved,

MISO spokesperson Brandon Morris said

There are gross price implications and reliability implications,

said Timothy Fox, an analyst at ClearView Energy Partners

This is a complex situation with many moving parts,

said Randy Burlingame, a spokesperson for ISO New England

The NYISO (New York Independent System Operator) and neighboring system operators have serious concerns that applying export tariffs to electricity may have serious adverse effects on reliability and wholesale electric markets,

New York's grid operator said in its filing with the Federal Energy Regulatory Commission

What he is thinking about is which sections of the market that can maybe – maybe he’ll consider giving them relief,

Lutnick told Bloomberg

Justin Trudeauprime Minister

Even though you’re a very smart guy, this is a very dumb thing to do,

Trudeau told Trump publicly after the US imposed tariffs this week

Among my very highest priorities is to rescue our economy and get dramatic and immediate relief to working families,

said Trump

We estimate the tariffs could lead to a nearly $1,000 per household increase annually in the cost of goods,

said Nationwide Mutual chief economist Kathy Bostjancic

It's not really an exemption."

Asked if autos could see an exemption from the tariffs that went into effect early on Tuesday, Lutnick told Bloomberg

Tariffs are about making America rich again and making America great again. And it’s happening, and it will happen rather quickly,

he said

We are at an inflection point,

said Randall Bartlett, Deputy Chief Economist with Desjardins