In a LinkedIn post Tuesday, Loblaw president and CEO Per Bank said sales volumes on products marked with a \u201cT\u201d \u2014 U.S.-sourced items affected by tariffs \u2014 declined 15 to 20%. (Nick Lachance\/Toronto Star via Getty Images) \u00b7 Nick Lachance via Getty Images <\/p>\n
Loblaw says tariffs are pushing Canadian shoppers to swap out U.S. goods, with some sales plunging 50%.<\/p>\n
In a LinkedIn post Tuesday, Loblaw president and CEO Per Bank said sales volumes on products marked with a \u201cT\u201d \u2014 U.S.-sourced items affected by tariffs \u2014 declined 15 to 20 per cent, demonstrating that there is a \u201cstrong desire by consumers to continue supporting Canadian products and brands.\u201d<\/p>\n
Some declines are nearer to 50 per cent, where stronger alternative options are available, he adds.<\/p>\n
The update follows U.S. President Donald Trump\u2019s Thursday announcement<\/a> that he\u2019ll impose 35 per cent tariffs on Canadian imports from Aug. 1, and Statistics Canada\u2019s latest inflation<\/a> numbers published last week.<\/p>\n \u201cJune grocery prices increased at a slower pace than May,\u201d Bank said. \u201cHidden within that positive news though, is the fact that tariffs continue to place inflationary pressures on grocery costs. This shows that retailers are generally doing a good job at managing the impacts of these tariffs for Canadians.\u201d<\/p>\n This year, around 30 per cent of the inflationary cost increases Loblaw is facing are directly tied to tariffs, he adds.<\/p>\n A few months ago, Bank said he expected to put a \u201cT\u201d symbol on about 6,000 products directly sourced from the U.S. Now, he expects that number will move closer to 7,500 as the full effects of countermeasures are felt.<\/p>\n Meanwhile, Loblaw is in search of new non-tariff impacted suppliers, and added another 70 new suppliers in its second quarter, adding up to 100 new Canadian vendors this year, he says.<\/p>\n","protected":false},"excerpt":{"rendered":"In a LinkedIn post Tuesday, Loblaw president and CEO Per Bank said sales volumes on products marked with…\n","protected":false},"author":2,"featured_media":947,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46,1415,1416],"class_list":{"0":"post-946","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-economy","12":"tag-loblaw","13":"tag-nick-lachance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=946"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/946\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/947"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}