Canada's ambassador to the United States, Mark Wiseman, has a simple message for Washington: uncertainty is expensive. And President Donald Trump's tariffs are generating a lot of it.

Speaking Wednesday, November 11, at the U.S. Chamber of Commerce's B20 summit in Washington, Wiseman warned that the tariffs are raising financing costs and discouraging cross-border investment, according to a CNBC report. He urged both countries to restore predictability to their trade relationship.

Why Uncertainty Is the Real Tariff

"Uncertainty increases your cost of capital," Wiseman said. "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," he added.

In other words, businesses can handle bad news. What they can't handle is not knowing what the rules will be next quarter. Wiseman, Canada's ambassador since February and a former BlackRock Inc. (NYSE:BLK) executive, urged the removal of tariffs imposed under Sections 232 and 338. "The sooner, the better," he said, calling for a return "as close as we can to free trade."

Reuters reported in October that Washington and Ottawa were discussing limited relief for Canadian steel and automobiles. The negotiations involved tariffs of up to 50% on steel and 25% on vehicles, although Washington wanted additional concessions. Earlier discussions had explored a potential agreement before the midterms.

The Numbers Behind the Tariff Bill

The U.S. Census Bureau's September figures put bilateral goods trade at approximately $570 billion during the first nine months of 2026. Congressional Research Service data showed U.S. duties on Canadian imports climbed to $10 billion in 2025 from $400 million in 2024.

And who pays? New York Fed researchers found that nearly 90% of the 2025 tariff costs were passed through to U.S. import prices. Their research estimated that approximately 26% of tariff increases eventually reached consumer goods prices, including through higher costs for domestic producers. The indirect effects can take six to 12 months to filter through supply chains. Meanwhile, the Bureau of Labor Statistics reported that consumer prices rose 0.4% month over month in October.

Political Fight Brewing

Trump has defended tariffs as necessary to protect American manufacturers against unfair competition. However, Democrats plan to challenge Canadian import duties when they take control of Congress in January.

Wiseman stressed that long-term investment requires stable trade rules, underscoring Ottawa's push for lasting tariff relief as businesses weigh expansion plans. Democrats, meanwhile, are preparing to challenge Trump's Canada tariffs when they take control of Congress in January.

The bottom line: tariffs are a tax, and uncertainty is a tax on top of a tax. Businesses can plan around known costs. They can't plan around a moving target. And as Wiseman points out, that hesitation shows up in fewer plants built, fewer ships added, and less money spent on R&D. Which, eventually, shows up in prices and paychecks.