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Tim Hortons, for instance, gained traction in Q2 with initiatives like freshly cracked Canadian scrambled eggs, a $1 donut-and-coffee deal, and a new breakfast meal co-created with actor Ryan Reynolds. Krispy Kreme, by contrast, is prioritizing financial stability over aggressive growth.

Retail media鈥檚 17.4% increase in 2025 will once again exceed the growth rate for traditional search (12.2%) and display (13.3%). Every year, retail becomes a more important part of the digital advertising story. (Note that portions of retail media ad spending fall under both search and display, so retail is buttressing those umbrella categories as well as the larger digital total.).

At the same time, President Donald Trump has suggested tariffs on cars imported from Canada could rise even further鈥攔aising more questions than answers for the industry. Our take: The lack of clarity has left automakers and industry groups lobbying hard for relief, but so far, no firm policies have emerged.

Canadians are especially reluctant to travel south at the moment: Air Canada reported a 10% drop in demand for bookings between Canada and the US for the April to September period, while border crossings between the two hit their lowest level since the pandemic in February.

For now, Canada and Mexico are exempt from reciprocal tariffs, but they鈥檙e not in the clear. Both countries are still subject to the 25% tariffs imposed last month over their alleged failures to curb illegal immigration and drug trafficking, although those are paused for now on USMCA-compliant goods.

Canadian consumers have turned away from US products amid tensions over tariffs as well as calls from President Donald Trump for Canada to be annexed as the 51st US state. Global favorability of the US fell about 20 points from January into March, per Morning Consult Intelligence, with views from Canada down 44 points, France 33 points, and the UK 31 points.

Walmart鈥檚 solution is to smooth over tensions with investment: It鈥檚 putting C$6.5 billion toward its Canada business over the next five years, and is partnering with Chinese delivery company Meituan to expand its presence in China. Go further: Read our FAQ: How Trump Tariffs on Latin American Imports Will Affect US Brands.

Hudson鈥檚 Bay looks to liquidate its stores: While the pandemic dealt a severe blow to its sales, the escalating US-Canada trade war may have delivered the final hit.

This move will drive up costs for Canadian consumers, making it harder for Kentucky bourbon makers and other spirit producers to compete in the Canadian market. Several Canadian provinces, including Ontario and Nova Scotia, have even pulled US alcohol from store shelves.

Could tariffs trigger a trade war with Canada and Mexico? Yes. Canada has already retaliated with tariffs on $21 billion of US goods, as well as duties on US-made vehicles. Mexico is considering similar measures. How US Brands Can Adapt to Tariffs. What are retailers doing to mitigate the impact of tariffs?

As if that weren鈥檛 enough, airlines must also navigate slumping demand from Canadian travelers who are avoiding visiting the US in response to tariffs and worsening diplomatic relations. Cutting back: As travel patterns shift, airlines are cutting costs by trimming their capacity. United will reduce capacity in areas where it has high government traffic as well as in Canadian markets.

"Nobody knows what's going to happen and when," said our analyst Rachel Wolff on a recent 鈥淏ehind the Numbers鈥� podcast, about the potential impact of tariffs. "Everybody's just waiting until the last possible minute to figure out, will these actually go into effect?" Retailers are bracing for disruptions as President Donald Trump鈥檚 on-again, off-again tariffs on imports from Mexico, Canada, China, and the EU loom.

Canadian consumers boycott American products as tariff threat looms: Anti-US sentiment is pushing consumers to buy local鈥攁 trend likely to continue in countries targeted by Trump鈥檚 tariffs.

The president鈥檚 latest promise to go through with Mexico and Canada tariffs, slap an additional 10% levy on Chinese imports, and introduce reciprocal tariffs in April will only heighten the unpredictability companies face.

Retail media will make huge gains this year in Canada. Our first-ever forecast for retail media ad spending in Canada and our joint survey of ad buyers (conducted with IAB Canada) highlight the latest developments.

Our expanded retail and ecommerce forecast coverage now includes country-level breakouts for 66 nations around the world. North America, China, and Western Europe continue to drive global outcomes, but a total of 53 countries will have at least $1 billion in ecommerce sales.