Amidst the U.S.-Canada trade war which began in February, Canada has managed to negotiate significant tariff exemptions and notably, currently holds the lowest average effective tariff among its U.S. trade partners. Data reveals that 86% of Canadian exports to the U.S. remain duty-free, allowing for relative economic stability. RBC economists Frances Donald and Nathan Janzen note that, despite some negative impacts from the trade war, Canada's economy appears less threatened than initially perceived. However, recent reports indicate challenges persist, including a decline in manufacturing sales and rising unemployment rates due to the trade conflict.
Economic data suggests that while the trade conflict poses challenges for Canada, it has negotiated advantageous tariff exemptions and retains a strong export position.
Despite rising tariffs, Canada’s effective tariff remains the lowest among major U.S. trade partners, indicating some level of resilience amid global trade tensions.
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