Canada’s economy is headed for a contraction – the first since the COVID-19 crisis – if a tariff war with its largest trading partner, the US, lasts for long.
Economists have estimated that President Donald Trump’s tariffs on Canada will shave 2 to 4 percentage points off the country’s gross domestic product growth. The administration imposed levies of 10 per cent on Canadian energy and 25 per cent on all other goods, starting on Tuesday.
