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Just when it seemed like a trade deal was close at hand, the Canada-U.S. trade relationship has taken a sharp turn for the worse. The new, higher U.S. tariffs on Canadian goods have come into effect, and Canada has officially confirmed the retaliatory tariffs that will come into effect on Sept. 8. So what will all of this mean for the Canadian economy? And is our retaliation worth the cost that it will impose on our economy? The National Post’s Rob Breakenridge speaks with Trevor Tombe, professor of economics at the University of Calgary and director of fiscal and economic policy at the School of Public Policy, about the economic consequences of this escalating trade war. As Tombe outlines, tariffs are essentially a tax, meaning Canadian consumers and businesses will bear much of the cost of Ottawa’s retaliation. The same, though, is true of the aggressive American tariffs. We’ll take a closer look at what the fallout from this trade war could look like, as well as the sort of tax reform the Carney government could deploy to mitigate the damage, while still boosting Canada’s competitiveness and productivity.
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