A Canadian entrepreneur joined personal finance personality Dave Ramsey‘s “EntreLeadership” podcast recently to talk about his company’s expansion into the U.S., just as President Donald Trump threatens to impose new tariffs on Canadian goods. The timing couldn’t be more tense.
Entrepreneur Worries About 35% Tariff As U.S. Sales Surge
The guest, who runs a DIY log cabin kit company in Ontario, Canada, said his business did CA$12 million—$8.8 million—in sales last year with CA$1.5 million in profit.
They manufacture in Canada and already ship to 40 U.S. states. U.S. sales now account for about 40% of the company’s volume and are growing fast, while Canadian sales have flatlined.
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“American production was still on the roadmap. It was more of like a 2027 or maybe 2028 issue, and now it’s like, okay, do we fast-track it?” the entrepreneur said, noting concerns over possible tariffs.
That concern became more urgent after Trump announced on Truth Social on July 11 that a 35% tariff on Canadian goods would take effect Aug. 1, citing fentanyl concerns and retaliatory trade actions by Canada. “Canada’s failure to stop the drugs from pouring into our country” was one reason Trump gave in a letter to Canadian Prime Minister Mark Carney.
Carney pushed back the same day. “Canada has made vital progress to stop the scourge of fentanyl in North America,” he posted on X. “We are committed to continuing to work with the United States to save lives and protect communities in both our countries.”
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Ramsey: Don’t Panic. Stick To The Plan.
Ramsey had a straightforward take on the tariff threats: “So far it’s amounted to a lot of chaos over nothing.” He added, “Most of what I’ve seen on the tariff stuff so far… a lot of saber rattling, a lot of grenade throwing, but actual net result is zero.”
Ramsey advised the entrepreneur to stick with his original plan of opening a U.S. factory in 2027 rather than rushing to avoid potential costs. “If you get in a hurry and you do this poorly, it’s going to end up costing you more,” he said.
The entrepreneur noted that building a new facility would take at least 12 months from ordering equipment to full operation.
Ramsey warned him that panic moves in reaction to political turbulence could backfire. “You’re going to join this crazy chaos rush thing and you’re probably going to end up overpaying for some stuff just to get the thing set up,” he said. “Which would make you wish you paid a small tariff.”
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Trump’s broader trade push includes new letters to more than 20 countries. The remaining countries will likely face tariffs of 15% to 20%, which is above the current 10% baseline applied to most imports.
Canada is the U.S.’s largest trading partner. Though Trump has framed the moves as necessary to revive U.S. manufacturing, economists warn they could raise prices and slow growth.
Still, Ramsey seemed confident the current threats won’t derail smart long-term planning. “I think you’ve done a really good job of critical thinking on this,” he said. “And you’re doing a really good job running this business.”
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This article Dave Ramsey Says Tariffs Are A Lot Of Saber Rattling, Grenade Throwing And Chaos, But Actual Net Result Is Zero originally appeared on Benzinga.com
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