Not to say that Canada's overall economy is particularly any better than the UK's, and especially Trump's tariff threats will do a number on us.
Not to say that Canada's overall economy is particularly any better than the UK's, and especially Trump's tariff threats will do a number on us.
There will be losers certainly, but I'm not 100% sure that tarrifs for Canada are bad in the long run.
Firstly, there are already reports of Canadians buying local over US goods. If that sentiment hrows, and becomes entrenched that's good.
Secondly, at least gor some goods, suppliers are incentivised to explore other export markets. Again, long term, that diversification is good.
Thirdly, for at least some goods, the US cannot simply ramp up production. So they'll still be buying, but their consumers will pay more. Canadian suppliers can simply increase prices as well, since any US consumer increase will be ascribed to the tarrifs. This though is somewhat balanced by Canadian oversupply.
Fourthly it encourages producers to diversify somewhat to reduce over supply. In the long run a varied economy is better than one dependant on any one sector.
Ultimately Canada and Mexico could come out of this stronger. While the US consumer gets used to higher prices. (Which Canada et al can take advantage of whe tarrifs are removed.)