We conducted a survey of senior Canadian business leaders to explore their views on the current economic and political situations in Canada and in the United States. This survey of senior decision-makers was conducted among members of our exclusive LEO Decision panel, a proprietary panel of Canadian business leaders built by Léger in collaboration with HEC Montreal.
Some of the key highlights of our survey …
- Most Canadian business leaders (63%) are satisfied with the federal election results, while 34% are dissatisfied. Satisfaction is somewhat lower among businesses located in western Canada (55%).
- More than half of business leaders (55%) trust Mark Carney to manage the relationship with U.S. President Donald Trump and defend Canada’s interests. Currently, 64% of business leaders are satisfied with the Canadian government’s response to the tariffs imposed by the Trump administration.
- According to business leaders, the new Carney government should prioritize Trade diversification beyond the U.S. (36%) and Reducing interprovincial trade barriers (33%). Tax reform/Relief and Streamlining Canada’s regularly regime are identified as strong 2nd tier areas for the new government to focus on.
- Among senior business leaders, there is no consensus of what happens next when it comes to tariffs. Nearly four in ten (38%) say they have no idea what will happen with tariffs, 17% believe new tariffs will be added to those already in place, 19% think the current tariffs will remain for a year or more. Yet, 23% expect the U.S. to lift tariffs on Canada in the coming weeks.
- Uncertainty around tariffs is leading to deepening concerns about Canada’s economic future. A high percentage of business leaders (87%) are worried that Canada’s economy will slide into recession because of the trade war, and a similar proportion (86%) are concerned that inflation will rise significantly in the next six months.
- Economic uncertainty is impacting business operations.
- 68% of business leaders are reducing or considering reducing their overall spending.
- 64% are re-directing their purchasing or investing to focus more in Canada.
- 61% are postponing or considering postponing investments in the business.
- 58% of businesses have postponed new hiring, and 36% have laid off or are considering laying off employees.
- These results are stable compared to the last wave of the survey conducted late March.
Methodology
This was an online survey among 201 Canadian business leaders from April 29 to May 5, 2025, using Leger’s proprietary and unique LEO Decision business panel, built in collaboration with HEC Montréal. Respondents had the option of completing the survey in English or French.
