Business and political leaders in Canada express concern over Donald Trump's pledge to impose a 25 per cent tariff on all Canadian goods entering the US, with potential economic repercussions for both countries. The president-elect also mentioned keeping the tariff in place until Canada and Mexico stop drug trafficking and illegal border crossings.
Business and political leaders in Canada say there will be pain if Donald Trump follows through on his pledge to impose a 25 per cent tariff on all Canadian goods, but they note the hurt will happen in his country as well.
Canadian American Business Council CEO Beth Burke said in a statement last night that Trump's proposal would harm businesses on both sides of the border and would"erode the economic and geopolitical strength of North America." Modelling by the Canadian Chamber of Commerce suggests a 10 per cent across-the-board tariff would reduce the size of the Canadian economy between 0.9 and one per cent, resulting in around $30 billion per year in economic costs."For the American businesses and for American consumers, this would mean higher prices and increased costs for input and less competitive business environment for America as well,” the chamber's chief economist, Stephen Tapp, said in an interview late Monday.
He suspects that increased cost would not be appreciated in a U.S. that voted for Trump’s promises of reducing inflation and the cost of living.
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