The Big Story Countdown to tariffs: how much is it going to cost you?
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Feb 26, 2025 Trevor Tombe, an economist from the University of Calgary, joins the discussion on the impending tariffs proposed by President Trump and their potential impact on Canada. He dives into how these tariffs could trigger a wave of economic repercussions, including job losses and rising consumer prices. Tombe also explains how the Canadian dollar might suffer in value amid this turmoil. The conversation highlights the intricate relationship between U.S. and Canadian economies, challenging common perceptions about trade deficits.
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Tariffs Could Trigger Recession
- Canada's economy could shrink by about 2.6% in the first year due to U.S. tariffs lasting materially.
- This hit would amount to a normal medium-sized recession with rising unemployment near 10%.
Massive Job Losses Expected
- Tariffs could lead to an estimated job loss of about 600,000 in Canada.
- Some economists estimate up to a million jobs could be lost, showing significant economic impact.
Household Costs Vary Widely
- Tariffs could cost about $2,000 per Canadian household annually on average.
- Households in trade-exposed sectors like vehicle manufacturing will feel disproportionately large impacts.