A CIBC report says sweeping tariffs imposed by the U.S. could cost the Canadian economy as much as 3.25 per cent, even factoring in possible exemptions for the oil and gas sector.
The Canadian PressPresident Donald Trump attends the national prayer service at the Washington National Cathedral, Tuesday, Jan. 21, 2025, in Washington.
An analysis published Tuesday examined four potential scenarios in which U.S. President Donald Trump slaps new taxes on goods imported from Canada, ranging from 10 to 20 per cent and with possible carve-outs for key industries. The CIBC report says a 20 per cent tariff that excludes commodities — which make up almost half of Canadian exports to the U.S. — would still result in a GDP hit of 3.25 per cent.
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