It's not all 'doom and Trump’ for downtown Victoria businesses.
According to three local business owners, the message of an impending recession as a result of Canada’s trade war with the U.S. is exaggerated.
“It's like a self-fulfilling prophecy,” said Peter Stofko, owner of Ruffell and Brown/Pacific Awnings. “If you tell consumers every day 'things are bad, it’s heading to recession' … they react with caution … we've had people cancel orders because of it … there's so much uncertainty because of what they're reading, what they're seeing.”
Owner of Capital Iron Home Store Fred Aram agrees. “It's not remotely close to what perception is,” he says.
In fact, with U.S. President Donald Trump’s tariffs having little or no effect on their prices, the trio say there’s no better time to spend money and support local Greater Victoria businesses.
“There's a lot of misinformation that's out there, but you're getting the best price right now,” said William Hordyk, owner of Atlas Audio Video Unlimited. “Our pricing has not risen – none of our product has been affected by tariffs,
“Ninety-five per cent of our products that we sell, they haven't had any price increase,” adds Aram.
The main concern for the business owners is not Trump’s tariffs, but fearful consumers holding back from spending their money.
“Then they're affecting companies like ours that are local companies,” says Stofko. “Now we don't sell the products … we have to let people go, and then it just makes things worse. It's just a snowball effect.”
Even avoiding American products does not punish Trump, says Stofko. Ultimately the person losing out is the Canadian business – something he realized when in the aisles of his local grocery store, pondering whether to buy Canadian or U.S. apples.
“If I don't buy it, the [grocery store] loses out, it's not America, it’s not Trump,” he said. “You’re trying to punish America, but who are you really punishing if you don't spend on a local level, on a Canadian level?”
Some politicians argue that lobbying efforts reflect a commitment to stand up against what they perceive as unjust economic measures and to promote Canadian sovereignty and economic resilience.
B.C. Premier David Eby said in early April that lobbying efforts appeared to be making a difference after Canada appeared to have dodged additional tariffs beyond those already announced.
Closer to home, local mayors have responded with a buy-local push.
“Tariffs are a legitimate trade tool for managing unfair trade practices and making sure true costs are reflected,” said Oak Bay Mayor Kevin Murdoch. “This is clearly not what is being intended by the U.S. in this situation, and so I think it’s on all of us to make sure we’re doing all we can to support our nation in times like this.”
Some American companies have reported drops in Canadian orders, and travel agencies have seen significant decreases in travel between Canada and the U.S. in the past few months.
Aram has another perspective, saying he is frustrated by scaremongering by politicians vying for people’s votes during the election race.
“I was watching the debate last night and one of them said it's the worst crisis we have ever had in our lifetime,” he said. “I don't think that it's remotely as bad as COVID – that was in our lifetime, and we got through that.
“The amount of job losses and disruption to production during COVID … was by far worse than what this is going to be at its worst case.”
Instead of cautiously holding onto money in fear of a recession, the business owners hope the community can channel the same ‘shop local’ energy embraced by many during and after the pandemic.
“You can prevent a recession by spending locally,” said Stofko. “We need to rally around each other in the community, just like what happened during COVID.
“I’m not saying spend what you don't have, but if you have the money, don’t wait, because if you do, you might make it worse.”
A positive attitude is key, adds Aram.
“Look at the bright side … I think we're gonna come out of this stronger,” he says. “But in the meantime, you've got to stay strong and support each other – just continue going and not worry.”
