A manufacturer of capsules and tablets in the pharmaceuticals industry is scouting Asia for new partners. A steel component maker, with a client base in the United States stretching back 35 years, is telling customers to expect to pay higher prices. Another company that produces sports products are expanding their presence in the European market.
US President Donald Trump's tariff war is upending decades of global trade and prompting many manufacturing firms to revise their long-term business strategies.
'We need to pivot'
Canada, the US's close neighbor, which has historically depended on US markets for 75 percent of its exports, was one of the first countries hit by Trump's tariffs.
In March, Trump imposed a 25 percent tariff on all steel and aluminum imports coming into the US and then slapped another 25 percent tariff on cars and parts that did not comply with a North American free trade agreement, although he stopped short of a broad reciprocal tariff imposed on some countries in early April.
Experts have said that adding reciprocal tariffs on Canada would have spiked bankruptcies in the manufacturing sector. Canadian Prime Minister Mark Carney has repeatedly said the old relationship with the United States is over.
