08:29 AM EST, 01/29/2025 (MT Newswires) -- The vast majority of Canadian business leaders want a targeted, dollar-for-dollar retaliatory response if the United States delivers on its tariff threats this week, a new KPMG in Canada survey found, according to a report from The Canadian Press (published on the BNN Bloomberg website).

The survey, which polled 250 Canadian business leaders, found eight in 10 are bracing for a recession but are still prepared to endure "short-term pain" to negotiate a fair deal that protects Canadian interests. "One of the most important themes coming out of our survey is that business leaders in this country want Canada to stand firm, fight back and be united," said Joy Nott, a partner in the trade and customs practice at KPMG in Canada.

According to the survey, six in 10 businesses said they could withstand a prolonged trade war.

The survey comes as federal and provincial governments prepare for a trade war with the U.S., which could come as early as Saturday. U.S. President Donald Trump's press secretary Karoline Leavitt confirmed Tuesday the plan to introduce tariffs on Canadian goods was "still on the books" for Feb. 1.

The survey found 94% of respondents said Canada and the 13 premiers must show a united front against the U.S. However, in reality, the premiers have publicly disagreed on how to deal with potential tariffs, including on the issue of curtailing energy exports to the U.S. and the scope of the potential retaliation, the report said.

In the survey, six in 10 respondents said Canada should halt oil exports south of the border, though the opinions diverged depending on the province.

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