After a 30-day reprieve, the US has decided to go ahead and hit Canada with massive tariffs of 25% on all goods. Canada has responded with its own tariffs of 25% on $30B worth of goods, and more to come. This is effectively the beginning of a trade war that will have consequences on both sides of the border.
This bulletin provides a brief overview of what tariffs are and how they work. We also delve into some preliminary analysis from major bank economists on the potential impact on the Canadian economy and Ontario’s construction industry.
Click here to see the full bulletin.