Overview

• A report by the Canadian Chamber of Commerce warns that proposed tariffs by Donald Trump could harm both the Canadian and U.S. economies.
• Economist Trevor Tombe estimates that Trump's tariffs could reduce Canada's economy by up to 1%, costing $30 billion annually.
• The report suggests the U.S. could face $125 billion in economic costs annually if the tariffs are implemented.
• Canadian officials have been engaging with U.S. political counterparts to prepare for any election outcome affecting trade policies.
• The economic relationship between Canada and the U.S. is deeply interconnected, with significant implications for multiple states and sectors.