The Big Story To tariff or not to tariff? What Trump's latest tariff announcement means for the Canadian economy
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Apr 4, 2025 Guest Richard Forbes, Principal Economist with the Conference Board of Canada, dives into the tumultuous impact of Trump's tariff announcement on the Canadian economy. He breaks down how 25% tariffs on vehicles threaten jobs and raise consumer prices. Forbes clarifies misconceptions about Canada's dairy tariffs and trade deficits, revealing a nuanced understanding of U.S.-Canada economic relations. He also discusses the need for Canada to diversify trade partnerships while navigating the complexities of ongoing negotiations with the U.S.
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Current Tariffs on Canada
- Current Canadian tariffs include steel, aluminum, and U.S.-bound vehicles.
- Auto part tariffs are planned, adding to existing complexities.
Tariff Impacts on Canadian Businesses
- Some Quebec aluminum manufacturers are scaling back production due to tariffs.
- The steel industry, concentrated in Hamilton, likely faces disruptions.
Stellantis and Potential Job Losses
- Stellantis paused operations, affecting 3,200 workers, due to auto tariffs.
- Widespread tariffs could lead to 160,000 job losses across Canada.