""The Budget Lab report indicates that Trump's tariffs may shrink Canada's long-term economy by 2.1% in real terms, more significantly than impacts on other countries.""
""Canada faces a potential 35% tariff threat by August 1, which could exacerbate the already heavy tariffs on its exports, impacting its economy severely.""
The Trump administration's tariffs are projected to shrink Canada's economy by 2.1% in real terms, as reported by The Budget Lab at Yale University. This is an increase from an earlier estimate of 1.9%. Currently, Canada faces multiple tariffs including 10% on potash and energy, 50% on steel and aluminum, and 25% on automobiles. The anticipated imposition of a 35% tariff from August 1 poses an additional threat. These tariffs are straining US-Canada relations and prompting Canadians to seek local alternatives.
Read at Business Insider
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