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The Big Story
Countdown to tariffs: how much is it going to cost you?
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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Quick takeaways
- The proposed 25% tariff on Canadian goods could lead to a recession, significantly impacting household incomes by approximately $2,000 annually.
- The manufacturing sector could face severe job losses ranging from 600,000 to a million, disproportionately affecting workers in trade-reliant industries.
Deep dives
Economic Impact of Tariffs
The imposition of a 25% tariff on Canadian goods is poised to have significant repercussions for the Canadian economy, potentially leading to a recession. Estimates suggest that if the tariffs last, the economy could contract by approximately 2.6% to 4% over two years. This contraction would likely result in a rise in unemployment by about three percentage points, bringing it close to 10%. The stark reality for Canadians is that the tariffs could diminish household income by around $2,000 annually, affecting all sectors, but especially those reliant on trade.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode