What impact will Trump’s tariffs have on Canadian economy if imposed? – CTV Question Period What impact will Trump’s tariffs have on Canadian economy if imposed? – CTV Question Period

While the application of some tariffs has been placed on hold, many Canadians are concerned with the impact of impending tariffs on the Canadian economy. If the tariffs were to be applied in the way President Donald Trump has threatened once the 30-day pause in tariffs ends, Canadians may generally see a 5% permanent loss for the economy as a whole.

CTV News Channel’s program CTV Question Period recently featured an episode with Osler Special Advisor, Stephen Poloz, on the impact of tariffs on Canadian economy.

Speaking to host Vassy Kapelos, he shared his insights on how Canada can mitigate the impact of the tariffs through the reduction of interprovincial trade barriers. If standards and qualifications were recognized across provinces, the positive impact on the Canadian economy would be greater than the effect of the tariffs. Stephen suggests, “…we would enjoy a permanent increase in our pay… by somewhere between 4 and 7% … it’s as if there is a roughly 20 to 22% tariff within Canada. So, it’s not that different from the 25% tariff between Canada and the United States…”

Reducing our dependance on one trade partner and easing interprovincial trade restrictions would have a significant impact on the Canadian economy. Stephen continues “…that’s real money. It’s as if it’s lying on the sidewalk and everyone refuses just to bend over and pick it up.”

Watch the full interview here