Canada · Donald Trump · White House · U.S. · Fortune Technology
Canada’s retaliatory tariffs will most likely be felt in certain regions of the country, Oxford economists said
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British Columbia meanwhile has the highest percentage of its exports, 6.1%, subject to Section 338 Trump invoked to tax Canadian exports.
Key facts
- A Nanos Research survey conducted for CTV News this month found that support for Canada’s retaliatory tariffs on the U.S. are at an all-time high, with 75% of the more than 1,000 respondents
- Oxford projected that Canada’s GDP will likely grow by 0.8% in 2026, but tariffs will reduce growth in 2027 by 0.2% to 0.3% relative to its August baseline calculations
- British Columbia meanwhile has the highest percentage of its exports, 6.1%, subject to Section 338 Trump invoked to tax Canadian exports
- Canada depends on the U.S. buyers for about 70% of its exports, and the U.S. economy is about 13-times larger than Canada’s
Summary
Economists are warning that Canadian Prime Minister Mark Carney’s “ dollar-for-dollar ” tariff strategy could mean some economic pain for the Great White North, but Canadians are so frustrated with the Trump administration they support the move anyway. Canada implemented retaliatory tariffs of 15% to 50% that took effect on Tuesday and will impact hundreds of U.S. goods, including paper, steel, aluminum, furniture, as well as cheese and seafood. But the strategy of imposing steep import taxes on the U.S. could cause a phenomenon similar to what happened to American importers, where Canadians carry the burden of the tariffs. Canada depends on the U.S. buyers for about 70% of its exports, and the U.S. economy is about 13-times larger than Canada’s. Oxford projected that Canada’s GDP will likely grow by 0.8% in 2026, but tariffs will reduce growth in 2027 by 0.2% to 0.3% relative to its August baseline calculations.