Loblaw CEO calls counter-tariffs ‘necessary,’ outlines grocer's plans
Loblaw is doubling down on its efforts to buy and promote Canadian products as a trade war between the U.S. and Canada begins.
In a LinkedIn post shared today (March 4), president and CEO Per Bank said: “It’s hard to believe we’ve reached this point but today marks the beginning of a trade war between Canada and the United States. Misguided threats of sweeping tariffs from American leadership have resulted in necessary counter-tariffs here at home.”
Bank said Canadians are understandably worried about the impact of the duties on food prices.
The chief executive said the country’s largest grocery retailer is following through on its promise to double down on Canadian products in the wake of U.S. tariffs.
“We’re looking for new ways to secure as much food as possible that is grown or made/prepared in Canada. In fact, we’ve onboarded about 30 new Canadian suppliers this year alone,” Bank said.
Loblaw is also working to find alternatives within Canada or internationally for products typically purchased from the U.S.
As shoppers look to boycott American products, Loblaw has installed symbols in-store for products prepared in Canada. It will also soon make it easy for Canadians to identify products affected by tariffs.
“We are featuring Canadian items in our promotions and flyers, offering points for Canadians products through PC Optimum, and enabling customers to ‘swap’ their chosen product for a Canadian alternative through PC Express,” Bank said.
READ: Loblaw sees uplift in sales for Canadian products ahead of U.S. tariffs
Bank said Loblaw is talking to the government and supply chain stakeholders to “decode” the potential consequences of the trade war.
“This includes asking the Canadian government to exempt the most essential U.S. products from possible counter-tariffs, especially where customers have limited alternatives,” he said.
“Canadians are highly resilient, and the country has a history of tackling big issues and opportunities. We know that will be the case with tariffs as well. And while there will undoubtedly be challenging times ahead while these trade measures are in place, we will do our part to be transparent about the impacts, fair in how they are applied, and work hard to mitigate the consequences.”
