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.
"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."
Collection
[
|
...
]