A new report from the Business Development Bank of Canada ( BDC ) has found that Canadian entrepreneurs have become more optimistic about the economy in the months since the United States trade war began.

“They are not sitting there and waiting to see what the economy is going to do.”

Confidence among domestic small and medium-sized businesses (SMBs) dropped when the US suddenly announced tariffs on Canada and other countries near the beginning of 2025. But as those SMBs have grown more accustomed to operating in this business climate, they have also become more optimistic about the future, despite continued headwinds.

Forty-five percent reported feeling confidence during the third quarter, compared to 33 percent in Q2, according to BDC’s State of Entrepreneurship 2025 report.

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