U.S. Sens. Susan Collins (R-ME) and Peter Welch (D-VT) led a bipartisan effort to exempt U.S.-owned small businesses from tariffs imposed on Canada.
The senators introduced a bill called the Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act.
The legislation stems from the ongoing changes to tariff levels and the uncertainty about future trade policy. These factors have made it difficult for small businesses to navigate as tariffs lead to supply chain disruptions, increased costs of goods and materials, smaller profits and higher costs for consumers.
This is particularly true for small businesses in border states like Maine, where Canada is the state’s largest trading partner, and Vermont.
“Imposing tariffs on Canada, Maine’s closest trading partner, threatens jobs, drives up costs, and hurts small businesses that have long relied on cross-border cooperation and exchange,” Collins said. “This bipartisan legislation would shield small businesses throughout the country from unnecessary economic harm while preserving the vital trade ties that support so many Maine communities.”
Along with Collins and Welch, this legislation was cosponsored by Sens. Chuck Schumer (D-NY), Jeanne Shaheen (D-NH), Lisa Murkowski (R-AK), Tim Kaine (D-VA), Ed Markey (D-MA), and Ron Wyden (D-OR).
The CANADA Act is supported by Main Street Alliance and Small Business Majority.