Mark Wiseman Warns Tariff Uncertainty Is Raising Investment Costs
Canada's ambassador to the U.S., Mark Wiseman, said Trump's tariffs are driving up investment costs. New York Fed research finds nearly 90% of tariff costs fell on U.S. importers, and October consumer prices rose 0.4%, higher than expected.
Canada's ambassador to the United States, Mark Wiseman, warned on Wednesday, November 11, that President Donald Trump's tariff policy is raising investment costs and discouraging companies from expanding. He spoke at the B20 summit in Washington, hosted by the U.S. Chamber of Commerce.
"Uncertainty increases your cost of capital," Wiseman said. In plain terms, businesses and lenders demand more return when they cannot predict future trade rules.
He gave examples of the spending at risk. "If you're going to build a new plant, add a new ship, spend money on R&D, the more certainty you have, the more likely you're going to do that," said Wiseman, a former BlackRock executive who became ambassador in February.
Trade ties under strain
The two countries traded roughly $570 billion in goods in the first nine months of 2026, according to U.S. Census Bureau data. That is up from the same period in 2025 but below the comparable months of the previous three years.
U.S. customs duties on Canadian imports reached $10 billion in 2025, against $400 million in 2024, according to the Congressional Research Service. Trump has imposed duties of up to 50% on certain Canadian products, and Canada has retaliated against billions of dollars in U.S. exports.
Talks between the governments resumed after collapsing in August. They focus on lowering tariffs on Canadian steel and automobiles. Wiseman called for removal of the tariffs imposed under Sections 232 and 338 of U.S. trade law. "The sooner, the better," he said.
Who pays the bill
An October study by New York Federal Reserve researchers found that nearly 90% of tariff costs were passed on to U.S. importers. About a quarter of tariff increases eventually reached consumer goods prices, the study found, with more price pressure expected in 2027.
Labor Department data showed consumer prices rose 0.4% in October, more than expected. Trump has defended the tariffs as necessary to protect U.S. manufacturers and workers, and has accused Canada of trade practices that disadvantage U.S. exporters.
Estimates of the burden on households differ. The Yale Budget Lab puts it at about $1,100 per household at current tariff rates, while the Tax Foundation estimates $820 in 2026.
Politics after the midterms
Democrats are preparing to challenge the tariffs when they take control of Congress in January. White House trade adviser Peter Navarro answered the election result by saying, "We are quadrupling down on tariffs."
Repealing tariffs over a presidential veto would take 67 Senate votes and 290 House votes. Bill Reinsch of the Center for Strategic and International Studies called that bar "very, very difficult."
Canadian Prime Minister Mark Carney said Tuesday that the Trump administration remains Canada's principal negotiating partner. Wiseman said Canada's goal is to return "as close as we can to free trade" while giving businesses the certainty they need.
Germany's ambassador, Jens Hanefeld, told the same summit that companies could adapt to tariffs but struggled with an "ever-changing regulatory environment" that forced them to spend more on lawyers.
