An Ottawa-based foreign exchange business says the U.S. tariff war is having a direct and harmful effect on its bottom line.
“A pretty significant shock to our business,” says Ali Al-Saady, senior business analyst with Altaif, Inc. “Year over year, for example, February revenue in U.S. dollars is down about 20 per cent. People are obviously canceling or deferring their travel plans, their investment decisions.”
The Ottawa business has branches in Ottawa, Toronto and Windsor.
Al-Saady says about 70 to 80 per cent of the business is in U.S. dollars.
“People who are importing or exporting, who need to offload U.S. dollars, who need to buy U.S. dollars, people who want to travel to the U.S.,” Al-Saady said. “Our Windsor location, lots of traffic there just for people who are crossing, for people who want to have investment decisions, for people who are buying houses, for people are selling houses.”
Al-Saady says the trade war is sharply impacting small money service businesses that are dependent on the U.S. economy.
As Canadians cancel U.S. leisure and business trips, Al-Saady says fewer people are coming in, and they’re exchanging less money.
He says lower demand means he is anticipating that revenues for this year will also be lower.
“So, it might mean that we have to consider budget cuts or, God forbid, layoffs. All of the above.”
