Canada is preparing for a potential trade war with the US if President Trump imposes tariffs on Canadian goods. Experts warn that tariffs could disproportionately harm Canada's economy, as it relies heavily on trade with the US. The Canadian government is considering counter-tariffs and a stimulus package to mitigate the impact on consumers and businesses.
Canada is not only preparing counter tariffs but also a stimulus package if U.S. President Trump follows through with his threat. Mike Le Couteur explains.
“ are not imposed on Americans, they’re imposed on we the Canadian people,” Lee added. “It will drive American goods up in price in Canada to Canadians. This will hurt us. It will make goods more expensive.” “If it’s hard to substitute and you have to substitute from further afield, that that’s going to have the biggest impact,” he said., Canadians could stand to feel even more pain at the grocery store. Canada relies heavily on foreign fruit and vegetables, importingSylvain Charlebois, a professor in food distribution and policy at Dalhousie University, says we can expect a variety of food prices to increase in the event of tariffs and retaliation.
Centred in southern Ontario, Canada’s automotive industry could see a big hit due to the highly integrated nature of the Canadian and U.S. auto sectors. Canadian parts and steel are important components of the supply chain for U.S. automakers, while vehicles are Canada’s second largest export to the U.S. following crude oil. Canada also imports approximately“A lot of retail supply contracts are actually denominated in U.S. dollars because it’s the world’s reserve currency,” Littler added.
“I think they’re politicizing it unnecessarily,” he said. “I think they both see political gain for themselves… Both the Conservatives in Ontario and the Liberals federally are putting their partisan political interests ahead of the greater good of the country.”
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