Canada stares down consequences of Trump tariff war: Job losses, grocery price hikes, possible recession
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LebenthalGlobalAdvisorsCIODominickTavelladissectsthepotentialeffectsofPresidentDonaldTrumpimposinga25%tariffonimportedvehicleson‘FoxNewsLive.’
CanadaisbracingforthefalloutofPresidentDonaldTrump’sescalatingtradewar,witheconomistswarningofspikinggroceryprices,majorjoblossesandevenapotentialrecessionifthreatenedU.S.tariffstakeeffect.
TheUnitedStatesisCanada’slargesttradingpartner,accountingfornearlytwo-thirdsofCanadianimportsandreceivingover70%ofitsexports.ButunderTrump’snew“liberationday”tariffs–25%onCanadiangoodsand10%onenergy–Ottawanowfacesaneconomicgutpunchthatcouldrippleacrosskeyprovinces,industriesanditsnationalelectioncampaign.
Trumphasrepeatedlyblastedwhathecalls“unfair”tradepractices,citingCanada’stradeimbalancewiththeU.S.tojustifythesweepingtariffs.
“ThisisthebeginningofliberationdayinAmerica,”Trumpsaidlastweek.“We’regoingto