US tariffs of 50% on Canadian goods took effect on August 22, affecting approximately $20 billion worth of Canadian merchandise, representing about 5% of Canada’s exports to the United States. A survey conducted by the Canadian Federation of Independent Business among 1,833 respondents found that 77% of directly affected businesses expect revenue declines, with 35% forecasting losses of at least 50%. Additionally, 78% of affected exporters believe their products will be uncompetitive in the US market. Ottawa has announced retaliatory tariffs on $20 billion worth of American goods, set to take effect on September 8. Estimates suggest up to 90,000 Canadian jobs could be lost when indirect effects are included.
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