What U.S. tariffs mean for you
With tariffs implemented by the U.S. Government, there will be immediate impacts on Canadian businesses. Tariffs on Canadian steel, aluminum, or other goods (like lumber) will increase in costs for manufacturers and exporters.
Businesses may pass these costs to consumers, leading to higher prices.
Canada relies heavily on trade with the U.S. with about 75 percent of exports going there. Tariffs could reduce demand for Canadian goods, hurting industries like auto manufacturing, agriculture, and energy. This could result in job losses in export-dependent industries.
Canada has historically responded to U.S. tariffs with its own, affecting American and Canadian businesses. This could escalate into a trade war, harming both economies.
Canada is looking at a diversification of trade, Canada may strengthen ties with Europe (CETA) and Asia (CPTPP) to reduce reliance on the U.S.
The Canadian government could introduce relief measures for affected industries.
American industries, like auto manufacturers, that rely on Canadian imports may pressure the U.S. government to reconsider tariffs.
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