Canadian businesses received some hopeful news Friday morning as Prime Minister Mark Carney announced some of Canada’s counter tariffs on U.S. goods will be dropped Sept. 1.

According to the Canadian Federation of Independent Business (CFIB), this is a step in the right direction but there is still work to be done.

CFIB released data earlier this week showing nearly one in five small businesses dealing with tariff costs reported that they will not be able to last more than six months if the tariff status quo remains and nearly four in 10 said they would last less than a year.

“Businesses have already paid millions of dollars in counter-tariffs,” CFIB executive vice-president for advocacy Corinne Pohlmann said in a statement. “We urge Ottawa to immediately release its tariff revenue to s

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