Trump tariffs: Which Canadian industries will be hit hardest?
Global News
While Donald Trump's proposed tariffs would apply across the board, they could hit some Canadian sectors and provinces harder than others.
Canadian industry groups reacted sharply on Tuesday morning to U.S. president-elect Donald Trump’s announcement that he plans to impose a 25-per cent tariff on imports of all products from Canada.
While the proposed tariffs would apply across the board, they could hit some Canadian sectors and regions harder than others, experts say.
Trump said he will sign an executive order imposing a 25-per cent tariff on all products arriving in the United States from Canada and Mexico.
The president-elect posted to Truth Social on Monday evening that the duties will be among his actions on his first day back in the White House on Jan. 20, 2025 — Inauguration Day.
Erik Johnson, senior economist at BMO Capital Markets, told Global News the plan could hit hard.
“Around 75 per cent of our exports all go exclusively the United States. We are very tied to the U.S. when it comes to that very meaningful part of our economy,” he said.
Johnson said Ontario, the heart of Canada’s auto manufacturing sector, and Alberta, which ships a large amount of oil and gas south of the border, could feel the pinch.
He said some of the investments that Canada has made in its auto manufacturing industry, particularly around EV production, could slow down.
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