President-Elect Donald Trump has been getting ready to be sworn in as the 47th President of the United States and there is one big goal on Trump's mind.
Trump said on his first day in office, that Canada and Mexico would be hit with a 25 per cent tariff until they could clean up their borders.
What will that mean for the local business community in Strathmore and Wheatland County?
Tyler Hille, treasurer and director of the Strathmore Wheatland Chamber of Commerce, says Canada will see a drop in GDP.
"The Canadian Chamber of Commerce, they're estimating about a 2.6 per cent drop in Canada's GDP based off of the 25 per cent number which is I think, like a $78 billion hit in the GDP per year."
Hille sees this as an opportunity to expand and diversify Canada's exports.
"I see this as more of an opportunity for us to start to diversify our exports and our options and to really sort of get out of a place of complacency and show the world what we have in terms of Canadian business, Canadian manufacturing, and Canadian exports."
Strathmore and many other small communities are known for thriving off small businesses and Hille told StrathmoreNow even with these potential tariffs he doesn't see any small business having to close their doors.
"I don't see it personally; I think this is a good opportunity to play to our strengths in a lot of different ways."
Hille expressed his belief that the only reason Trump is talking about potential tariffs is to get Canada back to the negotiating tables.
"In my understanding, the decision to talk about these 25 percent tariffs is a way to get us to negotiate our border security and our defense spending."
The tariff threats come amid Prime Minister Justin Trudeau's announcement of his resignation as Liberal Party leader and Prime Minister of Canada.
Liberal Party members will choose the new Prime Minister on March 9.
Hille explained that it wasn't the best time for the Prime Minister's resignation.
"I do think that the timing is not ideal in terms of such a massive shift happening with our neighbors in terms of Trump coming into power in January and the U.S. just closing up shop."
Hille says Canada could see a recession if nothing is done to stop the tariffs but doesn't think that will happen if Pierre Poilievre and the Conservatives win the next election.
"I see the conservative leadership wanting to have a great trade and business relationship with our neighbors as they've talked about many times and making sure that we're working for each other's best interest."
Tyler Hille added that there's not much concern for the business community in Strathmore and Wheatland County even as the country moves toward a Trump administration.
Trump will take office on January 20.