Business & Finance
Canadian envoy Wiseman says tariffs raise capital costs, deter investment
CNBC reports that Canada's ambassador, Mark Wiseman, warned at a Washington business summit that tariffs are raising costs.
The short version
- Canada's ambassador Mark Wiseman told a Washington business summit that U.S. tariffs raise capital costs and deter investment.[CNBC]
- U.S. customs duties on Canadian imports reached $10 billion in 2025, up from $400 million in 2024.[CNBC]
- Trump defends the tariffs as protecting manufacturers and workers, while a New York Fed study found most tariff costs fall on U.S. importers.[CNBC]
Key facts
- Canada's ambassador Mark Wiseman said at a Washington business summit that uncertainty increases the cost of capital.[CNBC]
- The U.S. and Canada exchanged roughly $570 billion in goods during the first nine months of 2026, according to U.S. Census Bureau data.[CNBC]
- U.S. customs duties on Canadian imports reached $10 billion in 2025, compared with $400 million in 2024, according to the Congressional Research Service.[CNBC]
- An October study by New York Fed researchers found that nearly 90% of tariff costs were passed on to U.S. importers.[CNBC]
- Trump has defended his tariffs as necessary to protect U.S. manufacturers and workers.[CNBC]
What remains uncertain
- The ambassador's claims about capital costs and investment are his assessment; the reporting does not independently measure their effect.[CNBC]
- The reporting describes new Federal Reserve research and an October New York Fed study separately, and does not clarify whether they are the same work.[CNBC]
- The verified reporting does not identify any policy change or next step on the tariffs.[CNBC]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.