Re-Escalating Trade War Puts Canada’s Economic Rebound at Risk: Economists
Prime Minister Mark Carney said Canada will match the U.S. duties dollar for dollar, as economists warn the trade fight could hit growth and jobs.
- Economists warn that a renewed trade war with the United States threatens Canada's economic recovery with new 50 per cent tariffs on about $28 billion worth of Canadian goods.
- Bank of Montreal expects these tariffs will reduce Canada's economic growth by half a percentage point due to declines in business investment and confidence.
- Prime Minister Mark Carney promises to retaliate with matching tariffs starting September 8, which economists say could increase inflation in Canada.
- These tariffs push Canada closer to recession, especially if the United States intensifies retaliation, with effects depending on Canadian fiscal stimulus measures.
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