A recent report by the Canadian Chamber of Commerce said that around 2.3 million Canadians work in jobs that are tied directly to U.S. exports.
Trump’s tariffs on Canada are set to take effect next week, with economists warning of significant economic consequences, including potential layoffs and a possible recession. Key sectors expected to be impacted include manufacturing, auto manufacturing, energy, metals, aerospace, and construction. Provinces like Ontario and Quebec, with their manufacturing-focused economies, are particularly vulnerable. The Bank of Canada has warned that the shock from these tariffs could be long-lasting, unlike the recovery seen during the COVID-19 pandemic. While a temporary removal of tariffs could avoid a full recession, sustained tariffs could lead to significant economic challenges.
