Donald Trump's plan to impose a 25% tariff tax on all Canadian imports, aimed at curbing illegal immigration and drug trafficking, could heavily impact Ontario's economy, especially in the auto manufacturing sector, leading to significant layoffs.
If U.S. President -elect Donald Trump follows through on his threat to impose a 25 per cent tax on all Canadian imports, Ontario will likely experience the most significant impact, according to Ian Lee, a business professor at Carleton University. Trump’s plan, announced during his campaign, includes imposing these tariffs until Canada and Mexico help reduce illegal immigration and drug trafficking into the U.S.
Lee predicts the first visible effect will be on the Canadian dollar, given that Canada imports a third of its GDP. He warns that every person in Canada will feel the effects of the declining dollar, and that the auto manufacturing sector in Ontario is particularly vulnerable, with U.S. companies likely to seek alternate suppliers due to the increased costs, leading to layoffs in Ontario plants
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