A majority of Canadian consumers have stopped ordering products from e-commerce company Amazon (AMZN) as a trade skirmish with the U.S. over looming import tariffs grows more intense.
A new poll from Leger Marketing has found that 55% of Canadians say they’ve ordered fewer items from Amazon in recent weeks as America’s northern neighbor waits to see if U.S. President Donald Trump follows through on his threats to impose tariffs of 25% on most goods imported from Canada.
Overall, the poll found that two-thirds (67%) of Canadians surveyed said they purposely bought fewer American items during February as relations between the two countries grow strained over the prospect of a full-blown trade war. Canada’s government has threatened to impose retaliatory tariffs on U.S. imports.
Buy Canadian
Trump has angered Canadians with his threats to use tariffs and other “economic force” on the country, along with his repeated suggestion that Canada should become a U.S. state. The resulting backlash has led to a “Buy Canadian” movement in the country of about 40 million people, with consumers actively shunning American-made products in favor of domestic alternatives.
The survey found that 83% of Canadian respondents are concerned about Trump’s tariffs, and 77% of Canadians have an unfavorable impression of the U.S. president. Market data shows that about 67% of Canadian adults made a purchase from Amazon in the past year, and the company remains the top e-commerce site used within Canada.
AMZN stock has risen 17% over the last 12 months.
Is AMZN Stock a Buy?
The stock of Amazon has a consensus Strong Buy rating among 48 Wall Street analysts. That rating is based on 47 Buy and one Hold recommendations issued in the last three months. The average price target on AMZN stock of $268.91 implies 29.78% upside from current levels.
