Front Burner The Trump tariff trade war and you
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Feb 3, 2025 Peter Armstrong, a senior business reporter at CBC, dives deep into the trade war's fallout. He discusses how the U.S. tariffs could potentially impact the Canadian economy by $160 billion, particularly in sectors like energy and automotive. Armstrong highlights the implications for everyday products—think beer and fruits—reflecting on how these trade tensions affect the average Canadian. He also shares insights into Canada's retaliatory measures, drawing intriguing parallels to historical trade conflicts.
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Unprecedented Tariffs
- The U.S. imposing tariffs is unprecedented, potentially the largest since 1861.
- The Canadian economy, already weak, faces a substantial hit, potentially impacting jobs and investment.
Impact on Canadian Exports
- Canadian exports to the U.S. encompass various sectors, including energy, machinery, and precious metals.
- The auto industry, heavily reliant on integrated supply chains, will be significantly affected.
Immediate Impact
- Canadian businesses will feel the tariff's effects immediately as a tax on their goods.
- Demand for Canadian products will decrease, impacting jobs and investment.