Canada implemented retaliatory tariffs of 15% to 50% on hundreds of U.S. goods in response to the Trump administration’s tariffs on $20 billion worth of Canadian goods earlier this summer. Oxford Economics projected that these measures would reduce Canada’s GDP growth by 0.2 to 0.3 percentage points in 2027 and increase inflation by approximately 0.3%. Despite these risks, a Nanos Research survey shows that 75% of Canadians support the counter tariffs and 69% are willing to pay more for everyday goods. University of Calgary economics professor Trevor Tombe that Trump’s tariffs could risk the loss of 90,000 Canadian jobs, and the Carney government announced a $7.5 billion support package to assist affected workers and businesses.
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