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The Big Story
Canada's potential trade war
Feb 3, 2025
The podcast dives into the escalating trade tensions between Canada and the U.S. as President Trump implements tariffs on Canadian goods. It discusses Canada’s strong retaliatory measures and a national call to support local businesses. Listeners learn about the economic ramifications, including projections of recession and rising unemployment caused by the tariffs. Provincial leaders share their responses, emphasizing the need to diversify trade relationships amidst growing consumer anxiety over prices and availability.
16:10
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Quick takeaways
- The imposition of tariffs by Trump marks a significant shift from decades of free trade, alarming many economists and politicians in Canada.
- In response, Canada plans equivalent tariffs on American goods, potentially leading to a severe economic downturn and rising unemployment rates.
Deep dives
Economic Emergency Declaration
President Trump's recent declaration of an economic emergency due to concerns over illegal immigration and the flow of drugs from Canada has led to the imposition of significant tariffs on Canadian goods. Specifically, a 25% surcharge has been levied on most imported items, while oil and gas products face a 10% tariff. This drastic action marks a departure from decades of established free trade between Canada and the U.S., with Trump utilizing the International Emergency Economic Powers Act to enforce these tariffs. Critics argue that the economic emergency rationale is unfounded, particularly given the larger volumes of drugs and migrants entering from Mexico compared to Canada.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode